It was my understanding that only the following was necessary for a FHA Streamline:
- mortgage to be refinanced must already be FHA insured.
- The mortgage to be refinanced should be current (not delinquent).
- The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
- No cash may be taken out on mortgages refinanced using the streamline refinance process
Furthermore, no appraisal or credit report is necessary.
The broker that sold me my original FHA loan called me today to streamline at 5% (I'm presently financed at 6% with Wells Fargo). When he ran my credit it was under 620 and now he can't streamline me. He said he got some memo two weeks ago about a mininum credit score now.
Does anyone have any suggestions? Is this the case now across the board?