Many people in Arizona currently owe more on their home than it is worth. One common term for this is “I am underwater on my house”. If you are currently underwater on your house because you owe more than it is worth, you can still refinance if you are currently in an FHA loan.
If you are currently in an FHA loan and owe more than your house is worth, the FHA streamline program is designed to help you take advantage of lower interest rates without having to completely re-qualify for a new loan. With the FHA streamline program, there is no income, no asset and very little paperwork to do but you must be eligible for the program and not everyone in an FHA loan is eligible.
In order to be eligible for the FHA streamline program, you must currently live in the home, have no more than two 30 day late payments on your mortgage in the last 12 months and the program must make financial sense (read: lower your monthly payment) or FHA won’t allow you to participate in the program.
Can you do an Arizona FHA refinance with no appraisal? If you are currently in an FHA loan and participate in the FHA streamline program, you can!