We are licensed to refinance Arizona FHA loans, using the HUD streamline program.
Arizona FHA Streamline Refinance Loan
FHA is reducing it’s upfront MI factor to .01% and it’s monthly MI rate to .55%, which is very significant to Arizona borrowers who currently have an FHA loan on their residence.
If you answered yes to both of these questions & you haven’t had any late mortgage payments within the last 12 months, than you qualify.
FHA is temporarily reducing it’s upfront mortgage insurance (MI) factor to .01% and it’s monthly (MI) rate to .55% on an FHA streamline refinance.
- You will not need to provide income or asset documentation.
- You will not need to order or pay for an appraisal
- We will need to pull a 12 month mortgage rating report
- Interest rate is determined by your middle fico score
- Minimum middle FICO score is 620
- We will need a copy of your original note-if you don’t have it, we can order it for you.
How is the new refinanced loan amount calculated?
You take the unpaid principal balance on the existing FHA loan plus the thirty days worth of interest in arrears that the bank charges on the current loan. You add these two number together.
What can’t be added to the new loan amount?
Typically, the wire fee and the recording fee on the payoff on the existing loan can not be added to the new loan. Don’t worry these charges are minimal like $15-$20 per item. A few of our lenders allow us to add this into your loan but some lenders do not.
How Long Does It Take for an Arizona FHA Streamline?
Turn times on an FHA streamline refinance are approximately 30 days or less. It all depends upon how fast you can supply us with the needed loan documentation.
For more information on an FHA streamline refinance, call 602-358-8717 or click on the contact us here. A licensed loan officer will be more than happy to return your phone call and answer your home mortgage loan questions.