Don't quite understand your question. I am assuming you are asking if you can do a streamline plus get a HELOC at the same time? If this is your question, the answer is yes. Department of Veteran Affairs (VA) and HUD (parent of FHA) have VA And FHA STREAMLINE REFINANCE loan programs where it streamlines the refinance loan process. No appraisal needed. No appraisal required. Bad credit ok. Recent collections and charge off accounts ok. Judgments and tax liens ok. All VA and HUD cares about is 12 months timely payments with mortgage payments. The Veterans Affairs Department and Federal Housing Administration figures they are already insuring these borrowers and have been timely for past 12 months so why not offer them a streamline. To be eligible for both VA & FHA STREAMLINE REFINANCE, HERE ARE THE REQUIREMENTS:
1. Need to have VA HOME LOAN and/or FHA LOAN currently
2. All original borrowers and co-borrowers need to be on the loan
3. All original Non-Occupant co-borrowers need to be on the loan
4. No cash-out refinance
5. Only rate and term
Streamlines are quick and most streamlines can be done in 2 to 3 weeks. Borrowers get to skip a month of mortgage payments.
Homeowners can get a HELOC up to 90% CLTV. So, homeowner can do a VA or FHA STREAMLINE REFINANCE PLUS A HELOC
However, the property needs equity since the maximum CLTV cannot exceed 90% CLTV. Most lenders do not do HELOC. Need to shop the HELOC WITH your local bank. TCF is a popular bank that offers HELOC for homeowners.
Gustan Cho NMLS 873293
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The Gustan Cho Team at USA MORTGAGE