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Conventional streamline refinance program - Who offers it?

I live in a condo in Inglewood, California. I have a high 30-year fixed rate and am looking to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] 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's picture
JKennedySLG | Joined: April 1, 2009 08:07 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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...

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GCrawford's picture
GCrawford | Joined: April 1, 2009 03:54 pm | Posts: 0 | Location: New Jersey | 00 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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:34 | Post subject:

JKennedySLG's picture
JKennedySLG | Joined: April 1, 2009 08:07 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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....

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GCrawford's picture
GCrawford | Joined: April 1, 2009 03:54 pm | Posts: 0 | Location: New Jersey | 00 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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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 conventional loan streamline refinance in about 3months which will not verify my income, is this true? Thank you

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

[size=9:0456f10154][color=Red:0456f10154][Contact details deleted as per forum rules. Thanks.][/color:0456f10154][/size:0456f10154]

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jveenstra's picture
jveenstra | Joined: November 10, 2008 09:03 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Conventional streamline refinance program 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.

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My lady friend has a loan for 379,000. Her loan is with chase. Her property is worth 340,000. Why is she able to refinance and i cant. My loan is 379,000 and its with Penny Mac. I have outstanding credit and my home is worth the same value as hers. I no if its not a fannie may or fha loan you can refy. This is crazy and unfair and makes no sense. When are they going to change this so i can refy. thank you

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Richard,

Do you've equity in your property? If not, then the lender will not help you in getting a refinance. Unless you've equity in your property, no lender will refinance the loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

This makes no since to me as to what kind of loan you have to have to qualify for a refinancing.Like people with government loans are the only ones hurting in this economy. Think about it.As many people that are upside down in their loans, if they opened an option to all people, myself included and offered a 3.0 interest rate regardless rather there is equity or not, the banks would not be setting on all these houses and many people wouldn't be out of a home.Several people I know are walking away from their homes because of their ratesin the 6 to 7%range .If people was to receive a loan in the 3percent range,the payments would be as low as paying rent in a apartment so people wouldn't be walking out of their homes leaving the banks with all these houses.I would much rather live in my house making payments in a loan upside down than to waste money in rent.Any Thoughts? Thank You.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Call Chase Bank, they do streamline loans.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Donny, you seem to be a rarity. Most of the posts we see here are people who are desirous of walking away from an under-water home because they cannot see any light at the end of the tunnel.

Now for your premise that the lenders start offering 3% loans to everyone - that's a little farfetched. Maybe it's just wishful thinking on your part.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have an Conventional loan which the rate 8.9 and my mortgage is going up right now I am paying 1900 I can pay this because of the other bill I have. All I want to do is get a streamline loan because I have been late on mortgage like 15 days late almost every month I try to work something out with them but they keep telling me I am not having hardship. they do not want to work with me. Can you please give me some advice I do not need to refin just streamline just to get the rate down from 8.9 to save me some money.

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Unless you have equity in your property, it will be difficult for you to qualify for any kind of loan. You should first check whether or not you have equity in your property and then apply to other local lenders for a streamline loan.

Thanks,

Jerry

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