Conventional streamline refinance loan

GCrawford · Joined: 01 Apr 2009 Posts: 3 2.23 Dollars($)

I live in a condo in Inglewood, California. I have a high 30-year fixed rate and am looking to refinance to a lower rate. My FICO score is excellent. I am currently with Citi Mortgage and it is doing conventional streamline refinance loans for "certain" customers. I was told that my mortgage loan account no. does not have the "code number" in it that would put me in the "certain" customers category. Does anyone know of a lender that does conventional streamline refinance loans?

JKennedySLG

A "streamline" refinance is a Rate & Term transaction without adding any additional monies to the Principal Balance. The required documentation is typically reduced and appraisal could even be waived. There are also "no cost" refinance programs which are almost anywhere with very competitive Interest Rates because of the market dropping to historical lows. Walk into a local bank or contact your broker and you should have no problems. I hope this helps...

GCrawford · Joined: 01 Apr 2009 Posts: 3 2.23 Dollars($)

I understand the whole streamline refinance loan program. However, in California, it appears to me that the lenders here are only doing "FHA" streamline refinance loans and not "Conventional" streamline refinance loans. Although, and as I said in my previous email, my current lender Citi Mortgage told me that it is doing this type of refi loan, however, only for certain customers and I am not one of them although my FICO score is in the mid-700s and I have always made my payments on time and I am gainfully employed at a law firm as a legal assistant. Do you know of any lenders that are licensed to do a "conventional" streamline refinance loan in California? Your help and expertise is very much needed and appreciated. Thanks.

JKennedySLG · Posted: Wed Apr 01, 2009 5:17 pm Post subject:

To answer the question, no. I don't believe the lenders have "un-rolled" the conventional streamline programs yet. You are more than likely going to receive a better interest rate by simply refinancing. I would compare both a no-closing costs/appraisal fee refinance to a standard refinance. If the reduced documentation and no appraisal is the attraction of the streamline, then I would suggest waiting a few weeks as the programs are on their way. I hope this helps....

GCrawford · Joined: 01 Apr 2009 Posts: 3 2.23 Dollars($)

Yes, your comments do help. Hopefully, the banks will have such loan programs for those of us that have conventional loans with high interest rates. Thank you.

Guest

I have a lender that has qualified me for a 5/1 arm right now with my income and tells me I can get a streamline refinance in about 3months which will not verify my income, is this true? Thank you

smithsussane · Posted: Wed Aug 05, 2009 12:04 am Post subject:

Hi SCaughman!

Welcome to forums!

As far as I know, lenders have stopped giving no income verification loans. Before accepting this offer from your lender, you should get a written document from your lender mentioning that you can refinance it without income verification.

Sussane

eric1 · Posted: Wed Aug 05, 2009 8:10 pm Post subject:

There are still a few lenders originating loans with no income verification. However, it is difficult to find banks to do that in California.

Guest

streamlines do not require appraisal nor income and asset verification the lender does call before funding to confirm you still work there
real easy it seemed like same amount of papers just no w-2 paystub income or bank statements or tax returns and no appraisal

[Contact details deleted as per forum rules. Thanks.]

jveenstra · Posted: Wed Oct 07, 2009 11:41 am Post subject: Refinance

Conventional refinance streamline programs were eliminated several months ago when they were replaced by the new DU Refinance Plus (Fannie Mae) and the Relief Refinance (Freedie Mac) programs.

The old, normal, conventional streamline refinance programs do not exist.

For the new programs, your existing mortgage must be owned by Fannie Mae or Freddie Mac. It sounds like you already checked with Cititmortgage and such is not the case.

The only thing left is a full refinance with appraisal and income and asset documentation.

eric1 · Posted: Wed Oct 07, 2009 4:40 pm Post subject:

John

I dont know about you, but I have had very few customers who qualified for the DU Refi Plus. The next phase of this program SHOULD BE that Fannie accept borrower's whose current loans are not with Fannie but DO otherwise qualify.

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