FHA STREAMLINES

If your current loan is an FHA mortgage, and the credit score is 670, then it's a no brainer.. FHA streamline will allow you to refinance without an appraisal, even if you don't live in the home.. I'm not sure why there would be any question at all.. Also, all this caution of "Hard Pulls" on the credit is nonsense.. Unless you have a bunch of them, the reduction in your credit score will be minimal... for most lenders, FHA streamlines require a 640 or above and there is very little difference in rates for a 760 to a 660 credit score... As far as rates.. They are good... really good.. And much lower than your paying now.. But no creditable loan officer will quote a rate without seeing your complete profile... If you are serious about getting an honest quote, give me a call.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

NOVA Home Loans is headquartered in Tucson. Best programs and rates. As you can see from some of the answers you have received, some other lenders are telling you "No!" when they don't even have all the facts. Give me a call and we'll get you done fast, easy and great rates. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950.

Several Loan Officers will reply after me, offering to assist you. How have you confirmed your credit is good? Has it been reviewed by another Loan Officer already? If yes, you have a 14 day window for all the other Loan Officers to access your credit, while they're giving you quotes, before you receive an inquiry ding against you, for a hard credit pull, and your FICO scores will be reduced. If "no", pull your own credit from www.myfico.com first, and get your 3 FICO scores. Tell the Loan Officers they're not to pull your credit, and are to use those 3 scores. It's a much better position for you to be in.

sorry but you will not qualify for any type of FHA refinance if you are under water with your mortgage.

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The FHA Streamline is your only option. And good news for you, it would be the best option anyway! It does not matter that your home is underwater, because it will not be appraised, your previous home value from your original loan will be used to determine this loan. A 670 credit score is plenty good enough to qualify and as long as you can prove you are currently employed, you should be fine. As far as the credit running, there is some truth to the possibility of your score being hurt, however, only if it is run more than 4 or 5 times within a few weeks. Even So, your score would show only a 5-10 point drop. This becomes an issue for someone who is on the cusp. Go visit your local lender, not a BIG BANK or broker. They will be able to Refinance your loan. Best of luck!