Credit-qualifying vs. noncredit-qualifying Streamline Refinance
- Noncredit qualifying. This option doesn’t require a credit check or proof of income. Use this option when you’re not removing a coborrower or adding one during your FHA mortgage refinance.
- Credit qualifying. With this option, you must provide proof of income and undergo a credit check. This option is required if you’re removing a coborrower from the loan or adding a new one.
With both options, you don’t need to pay for an appraisal, which can save you several hundred dollars.