Colorado FHA Streamline Refinance: No Minimum Credit Score Required?
While interest rates are low, many people with Colorado FHA loans are taking advantage of the FHA streamline refinance program. The FHA streamline program is very popular because there is no income verification, no asset verification, no credit score required.
Are you sure there is no credit score required for an FHA streamline refinance?
Yes.
And yes, we are aware that many people have recently been told by their loan officer that there is a minium credit score required for all FHA streamline refinances. Many people have also been told that it is an FHA requirement that you now must have a certain minimum credit score if you want to participate in the FHA streamline.
That is just plain wrong.
What has happened though is that many lenders have started requiring that borrowers have at least a 620 credit score for the FHA streamline refinance — but it is not an FHA requirement. Since it is a lender requirement and not an FHA requirement, many lenders are requiring that you have at least a 620 credit score — but many are not.
There are still lenders who will be happy to help you with your FHA streamline refinance — even if you have below a 620 credit score. So if your loan officer has recently told you that you needed a 620 credit score to qualify, be sure to ask a different loan officer while rates are still at historic lows!
