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Streamline Qualifications
Streamline Applicant Requirements
The American 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:
- Have a FHA loan that is currently insured.
- No delinquent payments within the past 12-months.*
- 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.
- 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.
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.
© 2010 American Bank. Trade/service marks are the property of American Bank or their respective affiliates and/or its subsidiaries. Some products may not be available in all states.
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
