FHA Streamline Changes

Many Investors are changing the rules on FHA Streamline Refinances. Before the rules were there was only a mortgage credit report pulled...this would allow Borrowers who may have been late on other accounts to still have the opportunity to refinance their home loan with out the risk of being denied due to credit. As long as their mortgage was paid on time they could proceed. Now many Investors are starting to require a 3-Bureau credit report to be pulled. They are also requiring 620 FICO regardless of the FHA rules.

This could be a huge issue for those people who have experienced credit problems due to the economy.