Streamline rate/term refinance program will help borrowers:

• Reduce the interest rate of the first mortgage

• Replace an ARM, Interest-Only mortgage, or a balloon/reset mortgage with a fixed-rate, fully amortizing mortgage

• Reduce the amortization term of the first mortgage*

*The new mortgage can not have a longer amortization term than the existing mortgage.

Appraisal Requirements

Appraised Values have declined, but if you don't have PMI on your loan right now, we may be able to refinance, using your old appraisal or go to 105% LTV using a new appraisal, if no additional funds are being borrowed.

LTV Requirements

Your New Loan amount would be limited to your Mortgage Balance, including accrued interest, actual closing costs, pre-paids and escrows up to $2,500.   You may not receive any cash back at closing.    The property must be a 1-4 unit primary residence a 1 unit second home or a 1-4 unit investment property.  Occupancy must not have changed from mortgage being refinanced.

Credit Score Requirements

There is no minimum credit score required EXCEPT if your new principal & interest payment if 20% or more above your existing payment.  (An example of this occurance would be reducing your term from 30-15 years).    However you cannot currently be involved in a bankrupcy or foreclosure and you must have 0 times lates in the last 12 months on your mortgage.     In many cases there are no income requirements or ratio restrictions unless your new payment is more than 20% above your existing payment.