Aug
03
Need to know about streamline a FHA?
By
Need to know if a FHA streamline loan without credit check can it hurt or help your credit score.
I know they do not check credit, I need to know if my score will go up or down when it is sent to the credit bureau.
That one is paid and then I will have another balance
3 Comments
August 5th, 2009 at 11:31 pm
FHA streamlines do not check your credit…they go by your original credit score.
August 6th, 2009 at 11:09 pm
What’s the Lender’s name that does not check your credit or require a credit score?
August 8th, 2009 at 5:50 am
The short answer to your question is - if your credit isn’t pulled to get your Streamline, then it won’t affect your credit score. The only way your score is affected is if there is what is known as a “hard” pull to determine your credit score.
That said, I’m not sure you can get the FHA Streamline without having a mortgage lender pull your credit. I work at Quicken Loans and we would have to verify your credit score to qualify for the FHA Streamline. I can only assume other lenders have the same requirement?
What the FHA Streamline does allow is a very quick and easy process to qualify with no real estate appraisal and much easier income/assest verification than other loans. It was created by the government to allow anyone holding an FHA loan to refinance to the lower rates that are currently available. And of course, that means you would get a lower payment, which is the main goal of the program.
Here is a brief overview of what you can expect with the FHA Streamline:
* A lower fixed rate and payment on your FHA loan; even if you owe more than your home is worth.
* A no appraisal option.
* Minimal credit requirements.
* Limited documentation for qualification ease.
Hope this answers your question. I’ve included a few links below if you want more information about this great program offered by the FHA.