The FHA Streamline Refinance without an Appraisal and without a Credit Score
The FHA Streamline Refinance has changed quite a bit since HUD issued the HUD Mortgagee Letter 09-32. So we have revised our FHA Streamline Refinance programs for new loans to fit properly and to provide the most benefit to our borrowers.
There are many changes, but there is also some great news about the FHA Streamline Refinance and credit qualifying.
The first update to the FHA Streamline Refinance is that it does not require a credit score for qualifying. Qualifying for the new FHA Streamline Refinance requires that we provide a current mortgage rating only, no credit scores. This is important as the vast majority of FHA Lenders are now requiring a minimum of a 640 middle credit score to qualify, even if it is an FHA Streamline Refinance. I have seen this help families lower their monthly payments dramatically even if the primary borrower has a very low score, such as 540.
The second update is that now the FHA Streamline Refinance requires borrowers to verify their jobs. And the third change is the FHA Streamline Refinance now requires the verification of assets, if assets are required to close the new loan.
Best of all, the FHA Streamline Refinance can still be done without an appraisal in Arizona as long as the principal balance of the new loan does not increase.
We help families lower their monthly mortgage payments through the FHA Streamline Refinance from Flagstaff to Scottsdale to Tucson to Yuma. So if you’d like to find out how much you can save, click the Get Started tab above and we’ll let you know right away.
FHA Streamline Refinance – Do It Now Before It Leaves The Building…
For those of you who currently have an existing FHA Mortgage Loan and are in a position to lower your existing FHA Interest Rate, it is important to act now before the FHA Streamline Refinance exits the building.
I found a great article at The Mortgage Porter about the FHA Streamline Refinance changes. You should take a look at it. She summarizes in detail the revisions HUD is making to FHA Streamline Refinances. These FHA Refinance changes are going into effect for new FHA case numbers issued after November 18, 2009. To be sure that you don’t miss the cutoff date it is important that you put your FHA Streamline Refinance application in several days BEFORE November 18th.
The bottom line impact is that an FHA Streamline Refinance will take longer, be less convenient, and potentially cost more.
You can use the FHA Mortgage Calculator to see what your new payments would be with an FHA Streamline Refinance.
* Calculate your FHA Mortgage Loan payment
* Calculate if you Should Refinance Your FHA Mortgage Loan
* Calculate your FHA Mortgage Principal
* Calculate the Affordability of your FHA Mortgage Loan
* Calculate what happens If You Pay Extra Every Month
* Calculate the Real APR for your FHA Mortgage Loan
* Calculate if you Should Pay Points For A Lower Rate
* Calculate How Much Income You Need To Qualify for an Arizona Mortgage Loan
* Calculate the Financial Benefit of Owning vs Renting
* Calculate what happens if you use a HELOC to pay debts
* Calculate your Tax Benefits of your FHA Mortgage Loan
There is an abundance of Arizona Bank Owned REO property on the Tucson MLS. Anybody planning on buying a home in Arizona using a Tucson FHA Mortgage Loan must know the following tip. A vacant Bank Owned or REO property will typically have all it’s mechanical systems turned off. Often for quite some time.
When an appraiser inspects the property they will check the utilities and mechanical systems as an FHA requirement. If they have been disconnected prior to the appraiser inspecting the property, to qualify for a Tucson FHA Mortgage Loan they will need to be turned on and the mechanical systems will need to be checked by a licensed contractor or qualified inspector. The contractor or inspector must certify that the systems have been turned on and are working properly.
Planning appropriately with this Tucson FHA Mortgage Tip in mind will without any doubt save you time and frustration. Just imagine applying for a Tucson FHA Mortgage Loan for the purchase of a vacant bank owned property and all the utilities are off. You hire the appraiser who inspects the vacant property. The appraiser then will take the next several days to complete the appraisal report and then submit it to us(total time, 1-2 weeks) for your Tucson FHA Mortgage Loan. At this time your mortgage guy calls and tells you “the utilities are not hooked up. Get them hooked up and you’ll need to pay a qualified inspector to verify that all systems are working properly.”
If that happens, you’ve added time and the additional inspector cost to the already lengthy process of home buying.
First Time Home Buyers are experiencing an opportunity like never before. And HUD’s FHA Mortgage Loan is the primary financing tool for the majority of First Time Home Buyers in Arizona.
Today’s Arizona Real Estate market has many deep discounts and Tucson FHA Mortgage Loans is positioned to be the financing tool of choice.
“Real Estate in Tucson and the rest of Arizona is CHEAP! It’s like being in K-Mart and the Blue Light is flashing!”
FHA Mortgage Loans allow for low down payment options as well as more flexible credit underwriting than conventional financing. FHA Mortgage Loan financing in Tucson and Arizona does require a 3.5% down payment (gift funds are okay). For those who need a true Zero Down Payment loan, the USDA Rural Home Loan is the best option.
As a First Time Home Buyer looking at FHA Mortgage Loan financing to purchase your first home in Arizona, you should take a careful look at your credit as your FHA Mortgage Loan will largely lay on your credit history.
Here are some Credit History pointers for a Credit History your FHA Mortgage Loan Underwriter will love:
Maintain a history of 3 accounts that have been opened for at least 12 months. Tucson FHA Mortgage Loans do allow you to use alternative credit resources as long as you do have some qualifying traditional credit.
Maintaining a very small balance on your revolving accounts will typically have a greater positive impact on your credit score than keeping the balance at zero.
If a credit account has not been used in the last 90 days it goes into a “Stale” status. Use your accounts to keep a healthy credit score and improve your ability to qualify for a Tucson FHA Mortgage Loan.
If you have older collections, consult with your Tucson FHA Mortgage LoanOriginatoron the best plan of attack. Paying them off may dramatically worsen your credit score.
To find out how much you qualify for today, click on the Apply Now tab above or click here.
You can refinance your Arizona FHA Mortgage Loan without an appraisal and without any credit or income re-qualifying what so ever. The AZ FHA Streamline Refinance takes the hassle out of getting a permanent interest rate reduction on your Arizona FHA Mortgage Loan.
In the 1980’s HUD created a loan program designed to “streamline” the refinance process for homeowners with existing FHA Mortgage Loans. The result is the FHA Streamline Refinance.
The four basic requirements of the Arizona FHA Streamline Refinance:
Your current mortgage must be an FHA Mortgage Loan
Your current FHA Mortgage Loan SHOULD be current
The FHA Streamline Refinance MUST result in a lower payment
Cash Out Refinances are not permitted under the AZ FHA Streamline Refinance
So, if your current interest rate is over 6% or so; you should consider looking at an Arizona FHA Streamline Refinance to get into today’s low rates.
Download the application-pack-for-fha-streamline and watch the video “FHA Streamline Application Instructions – How to Refinance Without an Appraisal.”
The FHA Mortgage Loan Limits have changed for 2009. In most cases the maximum FHA Mortgage Loan amount reverted back to 2008 levels. If you are counting on a low down payment FHA Mortgage Loan, be sure and check the chart to have the confidence that your loan amount is within the Arizona FHA Mortgage Loan Limits for 2009.
APACHE COUNTY – St Johns | Eager | Springerville | and all surrounding areas
One Family Home – $281,250
Two Family Home – $360,050
Three Family Home – $435,200
Four Family Home – $540,850
COCHISE COUNTY – Benson | Bisbee | Douglas | Sierra Vista | Tombstone | Willcox | Huachuca City | and all surrounding areas
One Family Home – $271,050
Two Family Home – $347,000
Three Family Home – $419,425
Four Family Home – $521,250
Government has been under enormous pressure to stabilize home prices and prevent foreclosures. As a result the Feds have been injecting tons of liquidity into the Mortgage Backed Securities markets and DRIVING RATES DOWN. This is the opportunity to take advantage of the FHA Streamline Refinance Rate Reduction mortgage loan.
** IMPORTANT ** Homeowners with existing FHA financing have a unique opportunity RIGHT NOW to ensure that they always have the lowest rates available . Watch this 3 minute video and find out exactly what it does and does not take to have a Lifetime Great Rate with FHA Streamline Refinance Rate Reduction.
There are only 3 easy rules to putting this program to work. Watch this video to learn about the 3 rules and what it takes to get a Great FHA Mortgage Rate for life!
An AUTOMATED Rate Alert Notification can be set by clicking on RATE ALERT. Just set the rate that saves you cash and you’ll automatically be notified when it hits. Never miss the Great Rate Boat again!
If you know someone with an existing FHA mortgage loan, this is information you’ll want to forward to them.
Don’t miss out on the next chance to lower your FHA Mortgage Interest Rate. Set your TARGET INTEREST RATE in the form below and a member of our team will contact you as soon as your target rate is available.
You can use an FHA Refinance Mortgage Loan to pay off an existing Land Contract or Contract for Deed in Tucson or anywhere in Arizona. The FHA Refinance Mortgage Loan allows a homeowner who does not have a vested interest in the title to the property but who does have valid Land Contract, Contract for Deed, or other similar instrument, to pay it off with an FHA Refinance Mortgage Loan.
