VA Questions

VA and FHA Streamline Questions

425/mortgage/FHA Streamline (No Appraisal) Checklist.PDF
Govt MORTGAGES
FHA streamline
VA Refinance

VA Streamline Refinance Programs
Frequently Asked Questions

What if the value of my house has decreased since I bought it?: This is usually not a factor as no appraisal is usually required.
I'm interested in getting more information. What do I need to do?: Fill out and send the on-line form at our home page or call 1-866-449-7263
or and speak with Gary Flanzer, streamline specialists.
What if my employment/income status has changed since I bought my house?: This is not a factor. We do not ask you who you work for or how much you earn.
I've heard that I need to reduce my rate by at least two percent to make it cost effective for me to refinance. Is this true for your Streamline programs too?: No, because you do not pay points or origination fees. A half percent reduction can amount to thousands of dollars in savings over the years. Check the following information from Mortgage Bankers Association of America for more information:
http://www.mbaa.org/consumer-info/refinance.html
What if I have some late payments on my mortgage, credit cards or car loans?: It usually doesn't matter. We only verify that the payments on the mortgage you want to refinance are current. We can usually work with most other credit problems.
The application and closing were a hassle when I bought my home. Do I have to go through that again?: No. Our application takes approximately 20 minutes on the phone with follow up documentation via fax or mail. The closing is quick and there are a lot less papers to sign than for a purchase closing.
How long does the whole process take?: Less than four weeks from application to settlement in most cases.
If you don't charge any points, then how does your mortgage bank make a profit?: We transfer all of our mortgages to large financial institutions who service billions of dollars in loans. They pay us a profit when they buy the loans from us.
Can I refinance an investment property?: Yes, with our fixed rate Streamline programs.
My mortgage is not an FHA or VA . Can I Streamline refinance my conventional mortgage?: Yes, we have other refinance programs for conventional loans.
I have an adjustable rate mortgage (ARM) now but I would like the security of a fixed rate. Can I switch to a fixed rate?: Yes, provided the fixed rate is not more than two percentage points above your current ARM rate.
I want to refinance now but what if the rates come down even more in the future? Should I wait until the rates drop a bit more?: No, because they may not drop at all. They may go up and you may miss out on the chance to refinance! If they do drop in the future, you can refinance again without paying points, or prepayment penalties.
My adjustable rate loan is going to be reviewed by my mortage company soon and will most likely increase. How can you help?: 1)We may be able to convert you to fixed rate and prevent future rate increases.
2) We may be able to give you a new ARM at your original starting rate or better.
This sounds too good to be true. Is this a new, untested program?: No, we have refinanced thousands of homeowners over the years. Our programs are fully authorized by the Federal Housing Administration and the Veteran's Administration. We are an FHA approved lender. You can confirm this at the Department of HUD web site:
http://entp.hud.gov/ll/code/llplcrit.html
Can I change the term of my loan from 30 years to 15, 20 or 25 years?: Yes, under the guidelines. Contact us for details. Here are the FHA and VA Checklists for our streamline program in pdf format.
I want to sell my house in the near future. Does it still make sense for me to refinance?: Yes. If you refinance, you make your home more attractive to buyers by offering a lower rate "assumable" loan. Of course, you will also save money each month until the house finally sells.
I want to borrow money against my home for improvements and a vacation. Can I use the Streamline program?: No, you can't get any extra money out with this program. It is strictly for reducing your payment. However, we have excellent "No Equity" loan programs which can be used for home improvement and cash out. Call Gary Flanzer for details at (425) 651-2011
or or
: Apply securely Online for your VA home loan.