FHA STREAMLINE REFINANCE IN ARIZONA

If you currently have an FHA-insured mortgage, an FHA Streamline Refinance may provide a simplified way to refinance your home loan. The program is designed specifically for existing FHA borrowers and may require less documentation and underwriting than a traditional refinance.

FHA Streamline Refinances are available under credit-qualifying and non-credit-qualifying options. Depending on the transaction and lender requirements, you may not need an appraisal or certain income or credit documentation.

Who May Qualify for an FHA Streamline Refinance?

Your existing mortgage must already be FHA-insured and generally must be current. The refinance must also provide a qualifying net tangible benefit under FHA guidelines. Additional seasoning, payment history, occupancy, and lender requirements may apply.

Potential FHA Streamline Benefits

• Designed specifically for existing FHA borrowers
• Limited documentation may be available
• An appraisal may not be required
• Credit-qualifying and non-credit-qualifying options are available
• May help eligible homeowners improve their mortgage terms
• Existing FHA mortgage insurance history may affect the new loan's mortgage insurance

What Is a Net Tangible Benefit?

FHA requires a Streamline Refinance to provide the borrower with a qualifying financial benefit. The exact requirement depends on the existing mortgage and the terms of the new loan, including factors such as interest rate, loan type, term, and mortgage payment.

Can You Take Cash Out?

An FHA Streamline Refinance is not designed as a traditional cash-out refinance. FHA limits cash that may be returned to the borrower through a Streamline transaction.

Does an FHA Streamline Require an Appraisal?

FHA Streamline Refinances may generally be completed without a new appraisal. This can make the program useful for eligible FHA homeowners who want to refinance without relying on a new appraised value.

Is an FHA Streamline Refinance Right for You?

A Streamline Refinance is not automatically the best option simply because you currently have an FHA loan. AZ Financial can compare your existing FHA mortgage with available FHA Streamline and other refinance options to help determine which financing strategy best fits your goals.

Ready to Review Your FHA Refinance Options?

Whether your goal is to reduce your payment, improve your mortgage terms, or simply determine whether refinancing makes financial sense, AZ Financial can help you compare your existing FHA mortgage with available refinance options.

Call AZ Financial at 480-787-5777 or  START YOUR FHA REFINANCE APPLICATION