Arizona FHA Streamline Refinance Loan
FHA reduces it’s upfront MI factor to .01% and it’s monthly MI rate to .55%. This is very significant to Arizona borrowers who currently have an FHA loan on their residence.
- Do you have an FHA loan?
- Was your FHA loan originated on or before June 2013?
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.
Secondly, FHA temporarily reduces it’s upfront mortgage insurance (MI) factor to .01% and it’s monthly (MI) rate to .55% on an FHA streamline refinance.
- Thirdly, you will not need to provide income, asset documentation, or pay for an appraisal. We will need to pull a 12 month mortgage rating report. Remember, your middle fico score determines your interest rate.
- Minimum middle FICO score is 620. A copy of your original mortgage note is a requirement.
How is the new loan amount calculated?
First, one takes 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. Next, you add these two number together.
What can’t be added to the new loan amount?
Typically, the wire fee and 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 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.