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No income verification or credit check: You won’t need to submit paperwork verifying your income or submit to a credit check, meaning it’s a good option if your credit score isn’t the best.
Kenya Mortgage Refinance Company Plc (KMRC), is a financial services company in Kenya, that specializes in lending to other financial institutions in the country, for onward lending in form of mortgages. In addition, KMRC buys good mortgages from other lenders to make more money available to banks for onward lending to eligible homeowners.
HFC is major mortgage lender in Kenya and was the second-largest in the market with KSh33.7 billion (approx. US$302 million) in mortgage loans, as of December 2019. At that time, Kenya Commercial Bank, the largest mortgage lender in the country had KSh64.3 billion (approx. US$577 million) in mortgage loans. [4]
Mortgage lenders conduct a credit check to see if you qualify for a refinance, which appears on your credit report. A single inquiry can shave up to five points off your score.
A conventional loan and VA loan typically require a credit score of at least 620, however, VA loans have no set minimum limit. You can qualify for an FHA loan with a minimum 580 credit score and ...
Borrowers are only eligible for a mortgage streamline refinance without credit verification if they have owned the home for at least six months. If the borrower has lived in the house for at less than a year, the mortgage payment history must be perfect to be considered for a streamline refinance. [10]
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