FHA Streamline Refinance in Arizona

/FHA Streamline Refinance in Arizona
FHA Streamline Refinance in Arizona2018-05-30T05:39:10+00:00

Call (602)-535-2171 For Free Consultation

Located in Central Phoenix

What Is an FHA Streamline Refinance?

FHA HomeownershipIn short, it 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.

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 Include:

  • 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 Insured30 year Fixed FHA Loans Insured
BEFOREAFTER
5/31/20095/31/2009
Loan Options30 Year Fixed Mortgage30 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 ValueNot ApplicableNot Applicable
Interest Rate3.750%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

Here is a updated list of Maricopa and other Arizona county FHA mortgage limits

2017 FHA Loan Limits for the following Arizona Counties

CountySingle FamilyDu-plexTri-plexFour-plex
Maricopa County$279,450$357,750$432,400$537,400
Pinal County$279,450$357,750$432,400$537,400
Gila County$275,665$352,950$426,625$530,150
Graham County$275,665$352,950$426,625$530,150
Greenlee County$275,665$352,950$426,625$530,150
La Paz County$275,665$352,950$426,625$530,150
Mohave County$275,665$352,950$426,625$530,150
Navajo County$275,665$352,950$426,625$530,150
Pima County$275,665$352,950$426,625$530,150
Pinal County$275,665$352,950$426,625$530,150
Santa Cruz County$275,665$352,950$426,625$530,150
Yavapai County$275,665$352,950$426,625$530,150
Yuma County$275,665$352,950$426,625$530,150
Apache County$275,665$352,950$426,625$530,150
Coconino County$275,665$352,950$426,625$530,150