Arizona FHA Streamline

FHA Streamline Refinance in Arizona

The FHA streamline refinance program allows people living in a home that has an FHA loan lower their rate without having to completely re-qualify for a new loan. Currently FHA loans have historically low interest rates and many FHA loans can save a significant amount on their monthly payment by going through the FHA streamline program.

FHA Streamline Refinance: No Appraisal Required

The FHA streamline refinance does not require an appraisal which is a key piece for anyone who lives in Arizona and owes more on their mortgage than their house is worth. By not having to order an appraisal, you can save anywhere between $350 and $450 which is the general range that appraisals cost in Arizona.

FHA Streamline Refinance: No Income Qualifying

When participating in the FHA streamline program, you do not have to document and prove the amount of your income. You will need to provide proof of income, but you don’t need to prove the amount of income that you have.

When applying for this Arizona Refinance you do need to show a source of income, but not an amount you actually earn. So if the amount you earn now is different that it was when you got your original FHA Loan, it’s not part of the qualifying process. Even if you are unemployed, as long as you can prove you are earning unemployment, you will qualify.

Arizona FHA Streamline: Streamlined Documentation

The FHA streamline program is designed to have “streamlined” documentation – which means that you are not going to have to fully qualify and complete the same amount of paperwork that you were required to do when you took out your FHA loan.

Arizona FHA Streamline: Low Closing Costs

Because the FHA streamline program has limited documentation, often times lenders have lower costs for this type of refinance. Under some conditions, it is possible to do a “no cost” refinance where you may not even have to add a dollar to your loan balance.

Arizona FHA Streamline Allows A Deferred Payment

By going through the FHA streamline program, eligible borrowers are able to defer a payment – which will provide some relief for those struggling to make ends meet each month.

Call no to speak with a loan officer or apply online to start your FHA streamline refinance here in Arizona today!

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Our Ten Day Guarantee is available on purchase transactions of a primary home in Arizona using FHA or conventional financing and is dependent on the borrower and third parties providing Academy Mortgage the required information to fund the loan. If the borrower and third parties provide Academy Mortgage with all required information on time and we do not produce loan documents to the involved title company within 10 business days (from date of application to date that loan documents are delivered to title), we will credit the borrower $100 for every additional day (up to five days) that we do not have your loan documents at title. Additional conditions and restrictions may apply. For details, please contact an Academy Mortgage loan consultant.