Hello. Can anyone advise me about the requirements to qualify for a Wells Fargo streamline refinance? Their website (https://mortgage.wellsfargo.com/easyapp/index.jsp) doesn’t offer much information.
My existing loan is owned by Freddie Mac, and I read here (http://www.mortgagenewsdaily.com/channels/pipelinepress/01192011-earnings-goldman-usb-wells.aspx) that Freddie Mac eliminated their streamline refinance option last year. Does this mean that my loan is not eligible for a streamline refinance with Wells Fargo?
(FYI, I am already aware that I do not qualify for the Freddie Mac Relief Refiance / HARP because my LTV is less than 80% and my existing loan closed after May, 2009.)
Also, if the loan is possibly eligible for Wells Fargo’s streamline refinance program, do I need to apply directly with them or can I apply through a broker to access wholesale or correspondent rates?
Lastly, how (if at all) does the approval process for Wells Fargo’s streamline refinance differ from the underwriting for a conventional refinance? I would like to know specifically about income verification requirements, since I have both W-2 and rental property income.
Here are some other details in case they are pertinent to your assessment of my situation:
I am in California. All three of my credit scores exceed 760. My existing loan balance is approximately $294,000; no second loan or HELOC. My home was appraised at $415,000 in late September, 2011.
Thank you in advance to anyone who can help!