FHA & VA Streamline After Short Sale or Foreclosure | The HOUSE ...

VA FHA Streamline After Short Sale Foreclosure

CAN YOU QUALIFY FOR A VA OR FHA STREAMLINE REFI AFTER A FORECLOSURE OR?SHORT SALE?
Short answer ? yes (if you meet all fha/va streamline guidelines). ?Having a foreclosure or short sale on your credit report typically puts you firmly planted on the sideline with regard to buying a qualifying for a new mortgage. ?HOWEVER it does not necessarily eliminate a current FHA or VA loan holder/home owner from getting approved for a ?streamline? refinance (or as VA calls it an IRRL). ?VA and FHA streamlines are considered non-credit qualifying loans (they also do not typically require an appraisal or income verification). ?While an FHA or VA borrower must still meet minimum credit score guidelines to qualify for either version of the simplified refi, the non-credit qualifying nature of the FHA and VA streamline make it much easier for a homeowner to qualify and lower their interest rate.

Veterans that currently have a high rate VA home loan and FHA homeowners with a pricey FHA mortgage can still qualify for a streamline refinance even if they have a short sale or foreclosure in their recent past. ? They do not necessarily need to wait the minimum required waiting period associated with each loan type for purchase applications. ?Streamline applications/loans are evaluated differently than purchase applications.

NON CREDIT QUALIFYING MAKES ALL THE DIFFERENCE ON FHA/VA STREAMLINES
Neither an FHA or VA underwriter will deny a borrower that is applying for an FHA/VA streamline based solely on the fact that they have a recent foreclosure or short sale. ?The primary basis for underwriting and approving streamline refinances is the borrowers payment history. ?Now of course that is a simplified explanation and there certainly is more behind getting approved for both an FHA and VA streamline. ?Check out these two links for more information on both:

FHA STREAMLINE: Click HERE
VA STREAMLINE: Click HERE

If you are looking into your FHA or VA streamline refinance options and want to take advantage of today?s low mortgage rates please call or email me today. ?You can also submit a message in the contact form on this website. ?We will be sure to follow up with you within 1 hour.

Jeremy

*please note that if you are applying for a fully qualifying FHA or VA loan a foreclosure/short sale will have a very different impact on your loan application and you will be subject to standard waiting timeframes

VA FHA STREAMLINE AFTER FORECLOSURE OR SHORT SALE

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