Credit Pulls for FHA Streamline Refi

Yes and No.. FHA does not lend money.. they only insure loans.. the lenders with the $$ can set their own rules, and they do.. most want a 640 credit score or higher, and most all of them will pull credit.. I have a lender that will go down to 500 credit scores on FHA streamlines.. and I have another lender who says no credit report necessary (they will still rate the mortgage, because you cannot have more than 1 x 30 days late in the last 12 to qualify for an FHA streamline)... Interested in my help??? WilliamAcres.com 480-287-5714

You're kidding, right? I want you to make me a new loan for tens of thousands of dollars, but I don't want you to look at how bad my credit is? That is what you're asking for. Yes, FHA does have a non-credit qualifying program, but that is intend for people that have been making payments on their FHA mortgage, but may no longer meet the DTI ratios for a new loan. True, some people with poor payment history could also fit these criteria. You have to remember that FHA doesn't make the loan; they only insure it after the fact. If the lender makes you a loan and you later default, this hurts the lenders ratings with FHA. This is why the lenders that will consider a no credit qualifying streamline ONLY for borrowers with higher scores. If you really have bad credit, you will have to get it resolved before anyone else will be willing to take a chance on you. www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950