Refinance FHA Home loan

FHA Streamline Refinance Loan in Sierra Vista, Arizona

by Joseph Small

Over the years, the FHA home loan has been a great option for homebuyers in Sierra Vista, as well as nearby communities like Bisbee and Tombstone, Arizona. As mortgage interest rates have continued to drop to historic lows, a lot of these FHA homeowners have wondered if they could possibly refinance and take advantage and lower their monthly payments. This is where the FHA Streamline Refinance Loan comes into play.

As the name suggest, this process is very streamlined, which means less paperwork. But one of the great features of the FHA Streamline is that no appraisal is required. Yes, you read that right… no appraisal! This could be welcome news to those homeowners in Sierra Vista that have thought about refinancing, but have been hesitant because they think they might possibly be underwater with their mortgage.

FHA Streamline Update

There were some recent changes to the FHA streamline program that might help some save additional money. On June 11, 2012, these changes went into effect for those who have an FHA home loan that was endorsed by the FHA prior to May 31, 2009. If you aren’t sure, or just don’t know what that means, then please give us a call. We can explain it all and help you find out. The changes are on the Up Front Mortgage Insurance Premium or UFMIP and the Annual Mortgage Insurance (what you pay monthly).

As you may remember, the FHA charges an UFMIP that you probably rolled into your loan. It was probably a pretty chunk of change at that time. The good news is that those loans that meet the prior to May 31, 2009 endorsement date will have their UFMIP reduced to a mind-blowing .01 percent. That is huge because you aren’t raising your loan amount by any significant amount.

The other change for those that meet the May 31, 2009 endorsement date is to the Annual Mortgage Insurance. The current MI factor is 1.25%. The old factor was .55%. By grandfathering these loans into the old percent, along with lowering the interest rate will give you a much bigger savings.

So if you are think you might be interested – or just have general questions on the FHA streamline refinance loan program, then just give us a call. My team and I would love to help you out.

Note: All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice.

The Joe’s My Lender team is your trusted source for all your FHA refinance home loan mortgage needs in Tucson, Sierra Vista, Benson and Tombstone, Arizona.

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FHA refinance question...

2010-10-31 14:55:18 by Withthenastydunk

I know this is something to ask my lender but still maybe somebody has Sunday insight.
So we purchased a home last year at about 5.75% on an FHA loan and I have seen that FHAs are now around 4% in Oregon.
So if we chose to refin would we have to go through all the paperwork, applications, appraisels and hassles even if we go through our existing lender, or is it much easier and actually worth it? We are not looking to do anymore than take advantage of the lower rates.
Thanks for any applicable insight.

FHA refinance questions

2008-06-17 10:31:53 by maggie_moo

So, I'm trying to get my FHA mortgage refinanced. The current situation is my aunt and uncle co-signed with me.
My lendor is telling me he's having problems refinancing because of my current credit situation (it stinks - it's in the 500's).
My aunt and uncle MUST get off the loan so that they can purchase a second home.
I thought that I could do a simple streamline re-fi.
Anyone have any suggestions?

You have to have a FHA loan currently to qualify

2009-01-06 20:31:23 by reodiva

This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.
In order to qualify for a Streamlined Refinance your original home loan must be an FHA loan in good standing and the refinance must lower your monthly interest payments. This type of refinancing option reduces your monthly expenses by lowering your payments but there is no option to receive cash back

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  • Avatar Roger Given the state of the economy,why does it take so long to get a home owners loan?
    Nov 03, 2011 by Roger | Posted in Renting & Real Estate

    Most FHA or Rural Development loans take a very log time for approval,although the persons applying for the loan can obviously afford it. One was told,you ll have to elsewhere you make to much money? If they can afford it why not have the loans processed faster to accomadate those who need housing?

    • Because no one can afford to back a loan that will fail, so lenders are extra careful.