FHA Streamline Refinance without Credit Scores and Appraisal

FHA Streamline refinances typically require credit scores and appraisals – this is not the way the FHA streamline program was supposed to be used, but conduits (investors) have put their overlays on FHA mortgages. This is a shame because there are good borrowers out there who make their mortgage payments on time but who, for one reason or another, have low scores (below 640), high debt to incomes or low appraised values. When the banks tightened their belts, these are the borrowers who were left out and unable to lower their payments through a refinance. So, even though rates are down in the low 4s right now, these are borrowers are stuck at 5, 6, even 7 percent.

As with every story, there is a silver lining and AnnieMac Home Mortgage is starting to offer a true FHA streamline refinance that actually conforms to HUD’s guidelines. So credit scores are not pulled and income isn’t verified – we do check to make sure that you are working but we do not do a credit qualifying streamline. This program is specifically set to allow us to help current FHA mortgage holders to utilize the true FHA streamline refinance without an appraisal or credit scores.

AnnieMac Home Mortgage is located in Mt. Laurel, NJ but we are a national lender who is currently licensed in 27 states and growing. So while other lenders have tightened their standards, AnnieMac is positioning itself as a FHA Streamline refinance lender willing to help good, paying borrowers who have been turned away because they didn’t conform to the norm. AnnieMac is bringing the true FHA Streamline program to the borrowers who need it the most. The idea and theory is not to just give anyone an FHA mortgage, but to make sure good, paying customers who have utilized the FHA mortgage program in the past can maximize their savings and continue to pay their mortgage by using the FHA Streamline refinance.

Contact us today at 888-790-0292 if you are a current FHA mortgage holder!

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