FHA Streamlines With No Credit Scores in MD, VA and DC
Posted Oct 13, 2009 @ 3:25 pm, Viewed by 193 Visitors, Read 193 Times.
It used to be that a borrower needed a 620 credit score and a clean mortgage history for 12 months in order to qualify, but that has recently changed. Now there are some lenders who will do the streamline as long as you just have on time mortgage payments for 12 months. This is a great new change for some borrowers who are having a tough time keeping up with all their bills, but have made their mortgage payments on time. With FHA 30 year fixed rates hovering around 5% and ARM rates hovering around 4% this is a great time to take advantage of the more lenient underwriting on a the FHA Streamline loans. The best part is, it goes for both conforming and jumbo loans. If you can lower rate down to today's low levels, and ordinarily wouldn’t be able to qualify otherwise, why not take advantage?
How does a streamline work? Like I said earlier, the qualifications are 12 months of on time mortgage payments. There is no credit score, income asset or appraisal requirement. The only other qualification is that you are currently in a FHA loan. It doesn’t matter what kind of FHA loan you have, it can be a 30 year fix, 15 year fix or an ARM. You can go from an ARM to a fixed rate or a fixed rate to an ARM. Rates have been great lately, if you have an FHA loan, and were previously concerned about your credit or home value qualifying you for a new loan, take advantage of the new guidelines immediately!
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I've lived in the DC metro area my entire life; growing up in Montgomery County Maryland and attending the University of Maryland. I now live in Arlington, Virginia. Living all around the DC area has given me a great understanding of the real estate market.
After graduating from the University of Maryland, I worked as a loan officer in Gaithersburg for three years. I then opened my own mortgage brokerage company, which I ran and operated successfully for several years before agreeing to a buyout by my partner. Now, I have found a home at Choice Finance where I am able to grow professionally and better serve my clients.
My experience has helped me refine my business techniques and find my niche in the FHA Jumbo Market. It has also enabled many clients to take advantage of this program, which in turn lowered intrest rates and saved them money. My combination of experience and know-how has lead me to become a great resource for my clients and enabled them to achieve their dream of homeownership. Read More
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