Posted by JPiper on December 14, 2000 at 14:43:44:
As far as I know the streamline program is just an FHA program. I’m not aware of an equivalent VA program, but you might check with a lender.
For the FHA streamline program non-owner occupants are eligible…it’s a non-qualifying program after 6 on time payments. There are closing costs but they can be rolled into the loan. The program is offered through FHA lenders…the problem is that most of them are unaware of the program, so you’ll probably have to educate them.
Streamlining question for JPiper - Posted by cdawson
Posted by cdawson on December 14, 2000 at 14:36:17:
On one of your responces below you mentioned streamlining. Earlier this year I assumed a non-qualifying VA loan at 9%. I purchased this house for $68K and it’s worth about $90k (w/ a little work on my part). My plan was to refinance after one year, BUT this streamlining is definitely better. (Of course I won’t get any cash out, but no closing costs). My question is… Is streamlining mandatory for the mortgage company and do I, as a non-occupant, qualify for this program?
Thanks in advance,
Charlie