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The FHA Streamline Refinance: Do You Need A 620 Credit Score?

May 26, 2009

I have had more than one call recently from someone asking me a question similar to:

“Do I need a 620 credit score for the FHA streamline program?”

And I am happy to report that my answer a.) is accurate as of today and b.) is generally the answer they are looking for.



yes-and-noI don’t remember the last time that someone with a credit score of 740 called me and asked me “hey, do I need a 620 credit score…?” because the truth is that in my experience, the only people who care about whether or not a particular credit score is required are those people who have recently been told that they didn’t qualify.

The good news (for now) is that if you have recently been told that you need a 620 credit score to qualify for the FHA streamline program, your loan officer was probably right. What I mean by that is that many lenders are requiring that you do have a 620 credit score and your loan officer was probably working with those lenders. Which means that although he was right — you can still get a loan if you ask a different loan officer.

But to my knowledge…

As of today…

I have more than one lender who will allow you to participate in the FHA streamline program with no minimum credit score required.

And if it changes, I will be sure to keep everyone updated.

So if you have been told that the FHA streamline program has recently begun to require a minimum of 620 credit score – you were mis-informed. What is true though is that most lenders and investors have started requiring a minimum of a 620 credit score before they will lend you money.

And remember — it is the lenders/investors who lend you money, FHA only insures your loan.

Filed Under: Credit Scores, FHA Streamline Refinance Program Tagged With: 620 credit score, fha minimum credit score, fha streamline minimum credit score

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