FHA Streamline Refinance (Non Credit Qualifying without appraisal)
- Upside down loans OK
- No appraisal needed
- No income verification
- No credit score requirements
- Borrower should have made timely mortgage payments for 12 months if owned for more than 1 yr or 6 months if owned less than 1 yr
- 1X30 day late in last 12 months OK .However there should be no 30 day lates in last 3 months
These are guidelines as stipulated by HUD.Individual lenders have their own credit overlays based on management/investor decisions.Borrower also has the option to do a full credit qualifying without appraisal loan,generally on more favorable interest rates.