Is it possible to get an FHA Streamline Refinance with a credit score in the upper 500s?

Asked by Lotus11, 37211 Tue Aug 14, 2012

According to the FHA guidelines, it appears no credit check is required, but rather that there have been no late payments for 12 months (there haven't been). If anyone knows of a lender/broker in TN that doesn't require a credit check, I'd appreciate it!

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Jameslee.leo, Home Buyer, Houston, TX
Sat Jan 16, 2016
It's very possible. Depends on a few different factors. Your credit could not have any impact at all on getting approved for it. We send all of our purchase and refinance clients to Home Loans For All. Here's a link to their website. I hope this helps.
5 votes
Samira2424, Home Buyer, New York, NY
Tue Jan 19, 2016
Improve your credit score with jewelry, they report to all 3 credit bureaus $99 to register everyone gets a $5000 credit limit. Buy something small and make monthly payments on time and watch your credit score increase.
0 votes
Josh Malone, , Venice, FL
Thu Aug 16, 2012
There are actually 2 different types of FHA Streamline Refis - a credit qualifying and a non-credit qualifying. However it is not that really that simple. Streamline Refis are somewhat restrictive loan meaning you maybe restricted by property eligibility, the date FHA securitized your loan, % decrease in payment to name a few. I guess the real answer is you need to have a professional look at your situation to be sure. If you would like we can take a look at it for you.
0 votes
Gregorio Den…, , San Diego, CA
Wed Aug 15, 2012
Try Pacific Union Financial, they will do wholesale FHA refinances down to a 560 credit score. I am not 100% sure if they do them retail as well but you can check the link below and give them a call.

If they don't do them retail, then inquire about a broker who has access to their wholesale line in TN.
Web Reference:  http://WeFixRates.Com
0 votes
Joseph, , Nashville, TN
Tue Aug 14, 2012
The FHA guidelines may not require a credit check but the Lenders will. Most a 640.

Everything depends on if you are going to refi with an appraisal or without an appraisal. The rules vary accordingly.

If you go with out an appraisal get ready to bring money to the closing table because the loan cost can not be rolled into the loan. You may receive a small lender credit but that is all. However in a refi you can skip the next months payment so this can be applied to the loan cost recovery.

I have one lender who goes down to a 530 credit score but other factors must be met. The rate is of course a little higher so we would need to evaluate your current rate against their rate offering.

Contact me if you wish to pursue what I have to offer. Thanks, Joseph MLO Nashville TN
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