FHA Streamline Refinance
in Arizona

The FHA Streamline Refinance is a ‘simplified’ refinance for homeowners with a current FHA mortgage who wish to lower their interest rate or mortgage insurance by receiving a new FHA mortgage.

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Who Is Eligible For A FHA Streamline Refinance?

  • FHA borrowers who have not missed a mortgage payment in the last 12 months.

  • FHA borrowers who can receive a combined savings from the interest rate reduction and mortgage insurance of at least .5% on a fixed rate FHA mortgage.

  • FHA streamline refinance are eligible on homes that are either used as a primary residence, second home, and investment property.

FHA Streamline Refinance Benefits

  • No appraisal, so it doesn’t matter how much equity you have

  • No income or job verification

  • You will receive a prorated Upfront MI refund if you mortgage is less than 3 years old

How much you will save will depend if your current FHA mortgage loan was closed before or after May 31st 2009. For a 30 Year Fixed FHA Streamline refinance mortgage:

  • If your current FHA loan was closed before May 31st 2009 you will only have a .01% upfront mortgage insurance rate

  • If your current FHA loan was closed before May 31st 2009 you will only have a .55% annual mortgage insurance rate

  • If your current FHA loan was closed after May 31st 2009 you will have a 1.75% upfront mortgage insurance rate

  • If your current FHA loan was closed after May 31st 2009 you will have a .60% annual mortgage insurance rate

For a 15 Year Fixed FHA Streamline refinance mortgage

  • If your current FHA loan was closed before May 31st 2009 you will only have a .01% upfront mortgage insurance rate

  • If your current FHA loan was closed before May 31st 2009 you will only have a .25% annual mortgage insurance rate

  • If your current FHA loan was closed after May 31st 2009 you will have a 1.75% upfront mortgage insurance rate

  • If your current FHA loan was closed after May 31st 2009 you will have a .25% annual mortgage insurance rate

30 Year Fixed FHA Loans Insured Before and After 5/31/2009

  BEFORE 5/31/2009 AFTER 5/31/2009
Loan Options 30 Year Fixed Mortgage 30 Year Fixed Mortgage
Base Loan Amount $ 200,000.00 $ 200,000.00
Loan Amount with upfront MI $ 200,020.00
(with .01% Upfront MI)
$ 203,500.00
(with 1.75% Upfront MI)
Loan To Value Not Applicable Not Applicable
Interest Rate 3.750% 3.750%
Point/s (Premium)
Principal & Interest Payment/mo. $ 870.41 $ 942.44
Taxes/mo. $ 130.00 $ 130.00
Homeowners Insurance/mo. $ 50.00 $ 50.00
Mortgage Insurance/mo. $ 91.67
(based on .55% annually)
$ 144.15
(based on .85% annually)
Total Payment/Month $ 1,198.00 $ 1,266.59

2021 FHA Loan Limits by Arizona County

County Name One-Family 2-Family 3-Family 4-Family
Apache $ 356,362 $ 456,275 $ 551,500 $ 685,400
Cochise $ 356,362 $ 456,275 $ 551,500 $ 685,400
Coconino $ 389,850 $ 499,050 $ 603,250 $ 749,700
Graham $ 356,362 $ 456,275 $ 551,500 $ 685,400
Greenlee $ 356,362 $ 456,275 $ 551,500 $ 685,400
Gila $ 356,362 $ 456,275 $ 551,500 $ 685,400
La Paz $ 356,362 $ 456,275 $ 551,500 $ 685,400
Maricopa $ 368,000 $ 471,100 $ 551,500 $ 707,700
Mohave $ 356,362 $ 456,275 $ 551,500 $ 685,400
Navajo $ 356,362 $ 456,275 $ 551,500 $ 685,400
Pima $ 356,362 $ 456,275 $ 551,500 $ 685,400
Pinal $ 368,000 $ 471,100 $ 551,500 $ 707,700
Santa Cruz $ 356,362 $ 456,275 $ 551,500 $ 685,400
Yavapai $ 356,362 $ 456,275 $ 551,500 $ 685,400
Yuma $ 356,362 $ 456,275 $ 551,500 $ 685,400