Streamline Qualifications

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Streamline Applicant Requirements

The CBC National Bank Streamline Rate Reduction Program has few requirements. However, an eligible rate must be available in order to participate.

To apply for a FHA streamline borrowers must:

  1. Have a FHA loan that is currently insured.
  2. No delinquent payments within the past 12-months.*
  3. Receive a lower payment, reduce his/her loan term (years to pay) or be converting from an adjustable rate mortgage (ARM) to a fixed rate mortgage.
  4. No cash may be taken out during the streamline process.

    *Some other conditions may apply on a case by case basis.

The FHA and VA streamline programs were created to reduce borrowers’ mortgage liability. For this reason, all transactions must provide a tangible borrower benefit and FHA and VA streamline participants cannot request cash out from FHA or VA streamline transactions. Borrower bills cannot be consolidated via a streamline refinance transaction.

Borrowers interested in cash out or debt consolidations must apply for a traditional refinance. A traditional refinance will require an appraisal, income documentation, asset documentation and a thorough credit review.

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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.