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What Is an FHA Streamline Refinance?
In 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 Insured | 30 year Fixed FHA Loans Insured | |
| BEFORE | AFTER | |
| 5/31/2009 | 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 |
Here is a updated list of Maricopa and other Arizona county FHA mortgage limits
2019 FHA Loan Limits for the following Arizona Counties
| Maricopa County | $314,827 | $403,125 | $487,250 | $605,525 |
| Pinal County | $314,827 | $403,125 | $487,250 | $605,525 |
| Gila County | $314,827 | $403,125 | $487,250 | $605,525 |
| Graham County | $314,827 | $403,125 | $487,250 | $605,525 |
| Greenlee County | $314,827 | $403,125 | $487,250 | $605,525 |
| La Paz County | $314,827 | $403,125 | $487,250 | $605,525 |
| Mohave County | $314,827 | $403,125 | $487,250 | $605,525 |
| Navajo County | $314,827 | $403,125 | $487,250 | $605,525 |
| Pima County | $314,827 | $403,125 | $487,250 | $605,525 |
| Pinal County | $314,827 | $403,125 | $487,250 | $605,525 |
| Santa Cruz County | $314,827 | $403,125 | $487,250 | $605,525 |
| Yavapai County | $314,827 | $403,125 | $487,250 | $605,525 |
| Yuma County | $314,827 | $403,125 | $487,250 | $605,525 |
| Apache County | $314,827 | $403,125 | $487,250 | $605,525 |
| Coconino County | $362,250 | $463,750 | $560,550 | $696,650 |