Do you currently have an FHA or VA Loan?
We have a program just for you! It is called the Streamline Program.

FHA & VA Streamline loans emerged in the early 1980's. Since then thousands of FHA & VA homeowners have utilized this program to lower their interest rate with minimal paper work and fewer closing costs and ease.

Homeowners with an FHA or VA mortgage can refinance their loans with minimal requirements like; no costly out of pocket appraisal, NO qualifying debt-to-income ratios, NO income verification and in most cases NO credit checks. Streamline mortgage refinancing can save you a lot of money because there is very little cost associated with the transaction. The new mortgage however must benefit the borrower by lowering their current monthly payment. The only downside, is that the borrower may NOT include or payoff any other existing debts in the loan or take any cash-out at closing. And you must have a fairly clean mortgage history. While HUD does not disqualify a borrower for prior late mortgage payments, individual lenders may have restrictions.

Adding and Removing from Title

The following are basic requirements of an FHA & VA streamline refinance:

• To do a streamline the mortgage must be already FHA or VA insured
• The mortgage must be current (not delinquent)
• The refinance MUST lower the principal and interest payment of the previous mortgage payment
• The borrower may NOT receive cash from the loan proceeds in excess of $500.
• Any subordinated financing may remain in place as long as it is subordinated on title.
• The term of the new mortgage must be the lessor of 30 years or the unexpired term of the mortgage plus 12 years.  A borrower cannot refinance a 15 year loan to a 30 year loan.
• An appraisal is not required in most cases unless the closing costs are wrapped into the loan. Streamline refinances without an appraisal are limited to the unpaid principal balance, minus any refund credit of the mortgage insurance premium (MIP), plus the new upfront MIP if it is to be financed in the mortgage.
• No termite inspection report is required
• The borrower cannot be late, delinquent, or in default of any federal debt.
  

Who Qualifies for a VA Refinance?

1. Active-duty veterans discharged during WWII or later, without "dishonorable" status
2. Active-duty veterans who served at least 90 consecutive days during a major conflict
3. Peacetime veterans and active-duty personnel who have served more than 180 consecutive days
4. Enlisted veterans whose service began after 1980 or officers whose service began after 1981 who have served at least 2 years
5. National Guard members and Selected Reserve members may also qualify and should inquire about their eligibility with a VA Loan Specialist
   

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