FHA Streamline Refinance Without An Appraisal Required

If you have bought your house in the last few years with an FHA loan, chances are that you can take advantage of lower interest rates by refinancing through the FHA streamline refinance program.

And if you live in Arizona and have bought your house in the last couple of years, chances are that you owe more on the mortgage than your house is currently worth.

Can you still take advantage of lower interest rates and refinance even if you owe more on your mortgage than your house is now worth?

You can with the FHA streamline without appraisal refinance program.

Last fall, HUD changed the guidelines on the FHA streamline no appraisal program and now if you are going to do an FHA streamline without appraisal, you can’t finance your closing costs into the loan. I thought this meant that FHA streamlines were pretty much dead — until interest rates went lower than I thought possible.

These changes now mean that anyone who wants to do a FHA streamline is going to be bringing in money to close your FHA loan under the FHA streamline no appraisal program — unless — interest rates drop significantly.

And interest rates have dropped to historic low levels.

Which means that you can now do a FHA streamline refinance without an appraisal and have it still make sense financially.
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So if you are in the situation where you want to lower your interest rate and monthly payment but are worried that you can’t refinance because you owe more on your mortgage than your home is worth – don’t worry.

Just ask your loan officer about the FHA streamline without appraisal program.

More information about the Arizona FHA streamline refinance program

Arizona Jumbo Loans: Rates Lowest Since 2003

If you live in Arizona and have a jumbo loan, rates are at their lowest point since 2003.  And if you can meet the tighter underwriting guidelines, you could potentially save yourself thousands on your mortgage payment each month.

az jumbo loan rates

Courtesy WSJ

According to the WSJ:

Just a year ago, the average rate on a 30-year jumbo mortgage—a loan of more than $729,750 not backed by government-sponsored agencies Fannie Mae or Freddie Mac—was 6.86%, according to Greg McBride, a senior financial analyst at Bankrate.com. Now it is 5.48%—a rate that rivals those available during the height of the credit bonanza.

“In just the past couple of months, jumbo loans have really started to be competitively priced,” says Keith Gumbinger of HSH Associates, a publisher of consumer-loan information.

The recent low rates on jumbo loans has caused an uptick in refinancing activity – with some jumbo lenders reporting that jumbo refinancing up as much as 50% vs. what it was last year.

Arizona Jumbo Loan Refinancing: Big Savings

If you have a $2 million loan on a  home in Paradise Valley and refinance where you can save a full percentage point on your rate – your savings will be dramatic.  Even using a smaller loan amount as an example illustrates substantial savings: a homeowner with a 30-year fixed-rate $800,000 mortgage at 6.86% pays $5,247 a month. If he were to refinance at 5%, his monthly payments would be reduced by $952.

Arizona Jumbo Lender: Now Available

The jumbo market has tightened up quite a bit and here in Arizona, it can be difficult to find a lender who can help you with your jumbo loan financing. We are jumbo loan experts and are happy to help you figure out if refinancing your jumbo loan makes sense or not – call us anytime!

Arizona: A Popular Place To Live For Veterans

Ok, so there are several hot spots in Arizona (literally) and pretty much everyone knows that.

But did you know that there are also several “hot spots” in the state for Veterans to live?

Let’s just pick a few – and all of them have homes that you can finance with an Arizona VA loan.

Gilbert is one of the fastest growing cities in the East Valley and is popular for many Veterans who have families. The population there is growing and you can easily find a home that meets the criteria for a Gilbert AZ VA loan.

Mesa has long been popular – and prior to the Gilbert growth explosion, Mesa was a hot area for many Veterans with the airfield so close as well as a major Boeing factory. And yes, there are also plenty of homes that you can easily finance with a Mesa AZ VA loan because home values are not through-the-roof.

Chandler is a sister city to Gilbert and is popular with Veterans who have retired – not to mention some of the Veterans who now work at any one of the high-tech facilities at companies like Intel. It is a little harder to find a home that meets guidelines of a VA loan in Chandler, but it isn’t extremely difficult.

If you are a Veteran and thinking about moving to Arizona or just moving from one city to another in Arizona, be sure to ask your loan officer about your Arizona VA loan options… it is one of the best ways to finance your home.

This site is for informational purposes only. It is not sponsored or in any way affiliated with the government. If you are in need of a mortgage loan, consult with a licensed mortgage professional. All fair housing and equal housing opportunity laws apply when applying for a mortgage or buying a home. Copyright 2012.