At MortgageDepot, our team of experts can help you with your non-credit qualifying FHA streamline refinance. There are several benefits that you receive by refinancing your existing FHA loan with a streamlined FHA refinance. First of all, a non-credit qualifying streamline refinance does not require you to fill out a new application.
Secondly, you do not need a new appraisal as the FHA allows you to refinance using the original value of the home. However, there are some basic requirements that you must meet in order to qualify for a non-credit qualifying streamlined refinance.
- The mortgage you want to refinance must be insured by the FHA.
- You must be current on your mortgage with no delinquent payments.
- You must receive a tangible benefit from the refinance. This may include lower monthly principal and interest payments or a new rate and term on the new mortgage. The definition of tangible benefit varies by lender, and our team can help you find the best lender offering the best benefit.
- You must have made a minimum of six months of on-time payments on your FHA insured loan and six full months must have passed since you made your first payment.
The primary purpose of the non-credit qualifying FHA streamline refinance is to provide a benefit to you with a new mortgage loan using limited approval documentation and no credit check. However, if there is no benefit using the program, and your monthly principal and interest payments increase by refinancing, you must apply for a credit qualifying FHA streamline refinance. When you do meet the basic requirements of the FHA non-credit qualifying streamline refinance, here are some of the ways we can help you.
- There is no automated valuation model required. Known as an AVM, this service uses mathematical modeling to assign property values. An AVM is a streamlined version of a full appraisal, and the non-credit qualifying streamline refinance does not require one.
- We can help you qualify for the program if you need to refinance an investment property.
- We welcome all services and we can help you qualify for unlimited combined loan-to-value ratios.
Our team of mortgage professionals is experts on FHA-insured loans. We can help you match lenders to your specific refinancing needs. With a FICO credit score of 620 or better, we can help you qualify for a mortgage loan that offers you a lower interest rate with lower monthly payments. We can also help you find a lender that offers little to no new closing costs.