Streamline Origin

Why did HUD create the FHA/VA Streamline Rate Reduction Program?

In the early 1980’s, HUD launched one of the best programs available for FHA and VA homeowners – the FHA Streamline Mortgage Refinance program. Initially the program allowed anyone with an FHA or VA loan to lower their existing mortgage interest rate, with no credit checks, using their original FHA paperwork. Unfortunately, as FHA loan defaults increased, many lenders started imposing additional requirements, to protect themselves from penalties and scrutiny associated with having high loan default rates.

Today the program is still very effective; however, not widely publicized. Unlike traditional refinance transactions, streamline guidelines limit the amount of fees that lenders can charge and earn on loans; therefore, few institutions find it cost-justifiable to promote streamline products. Nevertheless, the FHA and VA streamline programs remain one of borrowers’ greatest advantages to having FHA/VA-insured mortgages.

Fast Start – Click Here for FREE INSTANT ENROLLMENT. Space is Limited.

The FHA streamline refinance program helps borrowers lower mortgage payments. CBC National Bank specializes in FHA streamline refinancing transactions that lower interest rates and reduce mortgage payments without appraisals or income verification. FHA Streamline Refinances may be possible without increasing existing loan balances. No cost programs may result in a slightly higher interest rate. FHA Streamline Refinances may close in as few as 15 days, depending on date submitted. CBC National Bank specializes in VA Streamline Interest Rate Reductions with no income verification. VA Streamline Refinances may be possible without increasing existing loan balances. VA Streamline Refinances may close in as few as 10 days, depending on date submitted.

© 2010 CBC National Bank. Trade/service marks are the property of CBC National Bank or their respective affiliates and/or its subsidiaries. Some products may not be available in all states.

Kwe Parker (NMLS#49165) is a professional mortgage specialist for CBC National Bank that specializes in showing FHA and VA borrowers how to use seldom publicized methods to lower FHA and VA mortgage rates without the normal hassles associated with refinancing. Kwe "Clay" Parker and his team have helped thousands of FHA and VA borrowers reduce their mortgage payments.