If you currently live in Arizona and have an FHA loan, it is possible to participate in the Arizona FHA streamline program and lower your interest rate without having to completely re-qualify for a new loan.
Arizona FHA Streamline: Refinance Without Needing An Appraisal
The main criteria for participating in the FHA streamline program are that you must live in the property and that you can’t have more than two, thirty day late payments on your mortgage in the last 12 months.
Assuming that you live in your house and that you have less than 2 thirty day late payments in the last 12 months you are eligible to participate in the FHA streamline program… but you may need an appraisal… unless… you can qualify for the FHA streamline program without appraisal.
Arizona FHA Streamline Program Without Appraisal
The only way that you will need an appraisal when you go through the FHA streamline program is if your new total loan amount exceeds your original loan amount by 1.5% of your loan amount. So, if you originally had a $100,000 loan, your new loan amount cannot exceed $101,500 or you will need a new appraisal on your property when you go through the FHA streamline program.
If you are not sure whether or not you will need an appraisal on your property, it is important to speak with a loan officer who is an expert regarding the Arizona FHA mortgage programs and who can answer specific questions about your situation. You can reach one of our FHA streamline program experts at 480.374.0303.