Let’s play myth-busters with some common tales that have been floating around about FHA Streamlines.
Myth #1: “You Always Need a New Home Appraisal”
Truth: The FHA Streamline process actually has different documentation requirements than traditional refinancing when it comes to property valuation.
Myth #2: “Your Payment History Must Be Perfect”
Truth: The FHA Streamline process typically looks at recent payment patterns rather than your entire history. Each situation is evaluated according to its specific circumstances.
Myth #3: “You Need an Exceptional Credit Score”
Truth: The FHA Streamline process has its own distinct set of credit guidelines. While financial institutions have specific requirements, these guidelines are different from traditional refinancing.
Reality Check
Now you know the real story behind these common FHA Streamline myths. Like many aspects of home financing, the actual requirements and processes may be different from what you’ve heard.
