FHA Streamline Refinance in Arizona

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FHA Streamline Refinance in Arizona 2017-06-27T20:45:40+00:00

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 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)
$200,020.00
(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 $885.64
Taxes/mo. $130.00 $130.00
Homeowners Insurance/mo. $50.00 $50.00
Mortgage Insurance/mo. $91.67
(based on .55% annually)
$101.75
(based on .60% annually)
Total Payment/Month $1,198.00 $1,206.33

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

2017 FHA Loan Limits for the following Arizona Counties

County Single Family Du-plex Tri-plex Four-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