If you have bad credit but still want to refinance your mortgage with the FHA, our team of specialists at SteveKnowsLoans can assist. Refinancing your current FHA loan with a simplified FHA refinance offers a number of advantages. To begin, a new application is not necessary for a non-credit-qualifying streamline refinance.
Second, the FHA permits you to refinance using the pre-repair valuation of your house, so you won’t have to pay for a fresh appraisal. However, there are some minimum standards that must be met before you can apply for a simplified refinance that does not require good credit.
- Your current mortgage must be FHA-insured for you to qualify for a refinance loan.
- Your mortgage payments must be up-to-date at this time.
- The refinancing must provide real value to you. Depending on the circumstances, this could mean a new mortgage rate and term that result in lower monthly principal and interest payments. Each lender has their own criteria for what constitutes a “tangible benefit,” but we can help you choose the one that gives you the most money.
- Six full months must have passed since you made your first payment on your FHA-insured loan, and you must have a perfect payment history of six months or more.
The primary goal of the FHA Streamline Refinance if you don’t have perfect credit is to help you get a new mortgage with minimal paperwork and no credit check. But if you’re not saving money through the program and your new monthly principal and interest payments will be higher, you’ll need to apply for an FHA streamline refinance that requires good credit. Here are some of the ways in which we can assist you once you have met the minimum criteria for an FHA non-credit qualifying streamline refinance.
- No computerized pricing model is needed. This service, also known as an AVM, relies on mathematical modeling to determine the market value of a property. The non-credit-qualifying streamline refinance does not necessitate an AVM, which is a simplified form of a full appraisal.
- If you need to refinance an investment property, we can help you meet the requirements for the program.
- All services are welcome, and we can get you a loan with an LTV (loan-to-value) ratio of up to 100%.
Our group of licensed mortgage bankers has extensive knowledge of FHA-backed mortgages. We can assist you in finding a lender that best suits your refinancing requirements. We can get you approved for a home loan with a lower interest rate and smaller monthly payments if your FICO credit score is 620 or higher. If you’re looking for a lender with low or no closing costs, we can assist you in locating one.
Call Steven Jackson at 813-616-9411 now!
