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Answers (8)
- Clay Branch, "Georgia Loans"
- Contributions:7839
user466750, if you can prove income you should still refinance with a different lender.
- user466750
- Contributions:1
Same thing happened to us. Tried to fill out the form online and got back an email saying we are not eligible. No explanations why and customer service can't tell us why either. We are not upside down (we made a 45% down payment), make payments on time, and have excellent credit. That's probably the issue. I would assume they are just offering it to people who were not responsible in purchasing a home to begin with.
- Caveat Emptor
- Contributions:500
I'm with the first guy to answer this thread.
my guess is that you purchased too late to qualify for the program or you used it already, but there could be other reasons as well.
my guess is that you purchased too late to qualify for the program or you used it already, but there could be other reasons as well.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Streamlined refis are a product of the bubble. They were based on the presumption that US RE prices weren't going to go down in the foreseeable future, in the view of the seemingly knowledgeable, but terribly one sided thinking, of the collateral holders. Or something like that. They are rare today, because bubble appreciation was temporary, but not realized to be as temporary as it was, until too late. The ability to "streamline refi" vanished, except in very rare cases, with 7 to 12 trillions dollars of net worth.
- 1hardwrkr
- Contributions:6
Have you been late on your mortgage in the last few years? Are you really upside down on your mortgage? How's your credit? Although streamlining is normally not based on a lot of things traditional Refi is based on- they are a bank. They may look at those things in any case. I do know streamlining is based on your timely payment history though. And the lender should be able to tell you why. You could always try through another bank.
- Andrew Adams, "203K Specialist"
- Contributions:9349
What you are asking for doesn't exists!
Regardless of the loan program there is a cost in either fees or above market rates. Even the DU REFI plus loan requires an appraisal. Add to that most of Wells Fargo loans are Freddie Mac.
Did you ask them what your refinance options are or di you ask for a streamline refi with no costs and no appraisal?
- Dave Skow, "daveskow"
- Contributions:1106
What is reason they provide when you ask them
Here's a thought... ask them, there are number of reasons you may not qualify. Considering they are the ones that said no, it stands to reason that they should be the ones to ask why.
I have a question for you now. Could you please tell me why my son's car won't start. He called me asking me the same sort of question you just asked. I figure maybe you two are on the same frequency and can help each other.
I have a question for you now. Could you please tell me why my son's car won't start. He called me asking me the same sort of question you just asked. I figure maybe you two are on the same frequency and can help each other.
Why wells fargo will not give me a streamline refinancing loan.
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