I have bad credit but am current on my mortgage do i qualify for a streamline FHA refinance.?

Posted on Oct 8, 2012 in FHA Information

Question by Joey: I have bad credit but am current on my mortgage do i qualify for a streamline FHA refinance.?
My interest rate is 8 %.Never declared bankruptcy and did go through the foreclosure process a couple of years ago.

Best answer:

Answer by Anjell
If you’ve been discharged from your bankruptcy then yes. However if you haven’t been discharged yet it will show as outstanding on your credit report and you will not likely qualify for a FHA refinance.

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5avg.rating 28 votes.

3 Comments

  1. Probably. FHA was created for people just like you.

  2. It really depends on your credit score, recent mortgage history, how long a go the foreclosure happened and whether or not you currently have an FHA mortgage.

  3. Credit history is a very important factor to lenders. FHA loans focus more heavily on your performance with just the mortgage accounts. However, most lenders have minimum credit score requirements that are determined by your overall credit profile. So it is important to pay all accounts on time. Whether you can qualify for an FHA streamline is dependent on both your mortgage history and your overall score.