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The primary "pros" of the FHA streamline were already mentioned above, which includes the overall simplicity of refinancing using this program. There is no credit check, employment verification, income documentation, or appraisal required. There are a couple of "cons" with the FHA streamline refinance.
Purpose – Streamline Refinance (Non-Credit Qualifying and Credit Qualifying) Terms Available – 15 and 30 Year Fixed Rate and 5/1 ARM high balance terms Available 15 and 30 Year Fixed and 5/1 ARM Maximum term is the lesser of 30 years or 12 years beyond the remaining term of the existing loan.
FHA Streamline Refinances are designed to lower a borrower’s monthly payments and/or get a lower interest rate. For many borrowers this is a no-appraisal/no new credit application type of loan. But in some cases, a borrower’s payments may actually increase with a streamline refinance loan depending on whether permitted add-ons are included in the loan amount.
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Streamline refinance minimum credit score Requirement The Federal Housing Administration does not require lenders to check your credit for a streamline refinance. However most lenders will pull your credit history and require between a 600-640 credit score to qualify.
Here is what says about the requirements for a streamline refinance (from the HUD Handbook, section 4155.1, Chapter 6, Section C "Requirements for Streamline Refinance"): "Except for credit qualifying streamline refinances, FHA does not require a credit report. The lender, however, may require this as part of its credit policy.
Most FHA borrowers are people whose low credit scores prevent them from qualifying for a conventional loan. But that low.
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The FHA non-credit qualifying streamline refinancing does not require employment, income, or credit verification-even home equity is not required. How Do I Qualify for an FHA Streamline Refinance? The FHA Streamline is a great option for homeowners with an FHA loan that are looking to lock in one of today’s historically low interest rates.