An FHA loan will allow you to put a very low down payment on a home and maximize your purchase power when looking to purchase a primary residence or owner occupied property. The programs offer flexible "Make Sense" guidelines and lower credit score requirements to allow more opportunity for aspiring homeowners to purchase a home without having to be a perfect “A” paper buyer.
Below are the general guidelines to determine eligibility for an FHA Streamline Refinance:
- You must currently have an FHA loan on your property
- You must have a credit score of 620 or higher
- No missed mortgage payments within the last 12 months
- A minimum of 6 payments made on existing loan.