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Streamline Refinance 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.
Speak with a FHA or VA Streamline Rate Reduction Specialist Now! <Click Here>
The FHA streamline refinance program helps borrowers lower mortgage payments. American 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. FHA Streamline Refinances may close in as few as 15 days, depending on date submitted. American 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.
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Kwe Parker is a professional mortgage specialist for American 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.
American Bank
1526 York Road
Lutherville, Maryland 21093
