FHA Streamline Refinance Loan in Sierra Vista, Arizona

Monday, July 16th, 2012
 

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.
 

Joseph Small and his team at Guild Mortgage Company 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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Credit Qualifying and a Tucson / Sierra Vista FHA Streamline Refinance Loan

Monday, July 2nd, 2012
 

By Joseph Small

Today I wanted to talk about the FHA Streamline Refinance loan and credit qualifying. Over the past few years, a lot of first-time homebuyers in cities like Tucson, Sierra Vista, Sahurita and Green Valley took advantage of the low downpayment that FHA home loans offer. Fast forward to today. With mortgage interest rates at an all-time historic low, a lot of these homebuyers would like to refinance their FHA mortgage and lower their payments.

This is where the FHA Streamline Refinance loan comes into play. If you are current on your FHA loan with no late mortgage payments in the past 12 months, then a streamline refinance might be a good option for you. One of the biggest advantages of this program is that it does not require an appraisal. So you could be underwater with your mortgage… it will not matter.

One June 11, 2012, there were some changes to the FHA streamline loan program that helped those who purchased and have an FHA home loan that was endorsed prior to May 31, 2009. Click to read FHA Streamline Changes. However, there seems to be some confusion for those that do not meet any of the “prior to May 31, 2009” criteria. You can refinance today, but will have to do it with today’s increased UFMIP and annual mortgage insurance factors.

Another issue that seems to be popping up a lot is doing what is called an FHA Streamline Refinance with credit qualifying. The general rule is that if you are removing a co-borrower that was used when you originally purchased the home, then you would have to re-qualify for the new FHA refinance loan. We see this a lot with divorces and co-borrowers who are now deceased.

Even though this is still considered a streamline refinance, there are some documentation that will be needed and verified. Such as: tax returns, paystubs and bank statements, ect.. However, no appraisal will be required.

If you have any questions on this, then please give us a call or send us an email. Or you can leave a comment below. And if you think you are ready to start the process, then click here: Apply Now

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

Joseph Small and his team at Guild Mortgage Company is your trusted source for all your VA, FHA, USDA Rural Development and Conventional home loan mortgage needs in Tucson, Sierra Vista, Sahuarita, Green Valley and Nogales, Arizona. Give Joe and the team a call to get started. (520) 303-5620


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Refinancing An FHA Loan in Tucson and Sierra Vista, Arizona

Wednesday, June 13th, 2012
 

By Joseph Small

Learn about your FHA refinance mortgage options here:

Many homeowners in Tucson, Sierra Vista and throughout Arizona have enjoyed the benefits of purchasing with an FHA home loan. But, as with all homeowners, there comes a time when refinancing might come into the picture. Homeowners refinance for many reasons: kids going off to college, lower mortgage interest rate, medical or unexpected emergencies, lower loan term to payoff mortgage early. So if you find yourself asking what kind of FHA refinance loan is right for you and your family, or you are ready to get started, then just give us a call or click the “APPLY NOW” button on the right.

**Note: Please keep in mind that FHA refinancing is only available to responsible homeowners who are currently using their home as their principal residence.

FHA options to homeowners who are considering an FHA refinance mortgage:

 

FHA Streamline Refinance


Tucson and Sierra Vista, Arizona – FHA Streamline Refinance Loan

FHA Streamline Loans in Tucson and Sierra Vista, Arizona

What is an FHA Steamline loan? An FHA streamline is called this because it is a refinancing option for those responsible homeowners that have an FHA loan. The process is considered a streamline because it allows homeowners to refinance to a lower mortgage interest rate, often without an appraisal, with less amount of paperwork and time. The process is streamlined to make it quicker than a normal refinance.

Click here to learn more about FHA Streamline Refinance Loans in Tucson and Sierra Vista, Arizona

FHA Cash-Out Refinance


Tucson and Sierra Vista, Arizona – FHA Cash Out Refinance Loan

FHA Cash Out Refinance Loans in Tucson and Sierra Vista

You purchased a home in Tucson or Sierra Vista Arizona with an FHA home loan a few years back. Now the kids are grown and you need help paying for college. Or perhaps the roof needs repair. You probably are now wishing you had more tucked away for that rainy day. Well, there might be an option available to you.

Click here to learn more about FHA Cash Out Loans in Tucson and Sierra Vista, Arizona

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

Joseph Small and his Team at Guild Mortgage Company are your FHA Streamline and Cash Out refinance loan experts in Tucson, Arizona. Give them a call today! Also proudly serving Sierra Vista, Green Valley, Sahuarita and Nogales Arizona.


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Recent Articles by Joe:
New FHA Streamline Refinance changes will help Tucson

New FHA Streamline Refinance Changes To Help Tucson Homeowners

Is the FHA Refinance Streamline Loan dead in Tucson Arizona?

Sunday, June 10th, 2012
 

By Joseph Small

Is the FHA streamline refinance loan dead in Tucson Arizona? Not by a long shot and here is why: On June 11, 2012, there will be some changes to the FHA streamline loan. These changes will be huge. The annual mortgage insurance (what you pay monthly) and upfront mortgage insurance premium will be drastically reduced, which will give you bigger savings. Now these changes will only be available to those refinancing with an FHA loan that is current with no mortgage lates in the past 12 months and was endorsed by the FHA prior to May 31, 2009 (check with us if you aren’t sure).

Refinancing with an FHA streamline loan does not require an appraisal, so your property value does not come into play. Even if you think you are upside down… it will not matter. The process is streamline, which is less documentation than a normal refinance.

There are a lot of people in Tucson and throughout Arizona with an FHA home loan with high interest rates compared to today’s historically low mortgage rates. With these new changes and the low interest rates could help them save big time on their monthly payments. It is estimated that the average homeowner will save almost $3,000 a year. Is the FHA Streamline Refinance loan dead in Tucson?

So if you have an FHA loan that meets the above criteria, then just give our team a call or click the apply now button and we get the process started for you right away. And please share this information with your friends, family and co-workers.

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

Joseph Small and his team at Guild Mortgage Company are your FHA refinance loan experts in Tucson,Arizona. Give them a call today! Also proudly serving Sierra Vista, Green Valley, Sahuarita and Nogales Arizona.


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Tucson FHA Streamline Refinance Loans

Wednesday, June 6th, 2012
 

By Joseph Small

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**UPDATE: If you are one of the 1000’s of responsible homeowners here in Tucson, Phoenix or throughout Arizona that has an FHA loan and have thought about refinancing to a lower mortgage interest rate, then there is some good news. New changes to the FHA Steamline Refinance Loanprogram will help you save even more: Read here: New Changes to FHA Refinance Program.

What is an FHA Steamline loan? An FHA streamline is called this because it is a refinancing option for those responsible homeowners that have an FHA loan. The process is considered a streamline because it allows homeowners to refinance to a lower mortgage interest rate, often without an appraisal, with less amount of paperwork and time. The process is streamlined to make it quicker than a normal refinance.

For a homeowners to qualify for a streamlined refinance they must have an FHA home loan, that is current on all payments, no 30-day lates in the past 12 months, the refinance must lower your monthly interest payments (except those going from an ARM to a fixed rate), and receive no cash out. This is a great refinance option because it will allow homeowners to get a lower payment, which will allow them to save a little extra cash each month.

So what if you have a conventional loan and with to refinance into an FHA refinance loan? You can do this, however, you’ll need to apply with the usual documentation, employment verification, credit check, as well as other qualifying considerations. Although you would not be using the Streamlined Refinance loan, an FHA refinance loan can get you many of the same results – and you may get better rates and lower payments.

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

Learn about FHA Cash-Out Refinancing: Tucson FHA Cash-Out Refinance Loans

Joseph Small and his Team at Guild Mortgage Company are the FHA refinance loan experts in Tucson, Arizona.

By Joseph Small


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New FHA Streamline Refinance Changes To Help Tucson Homeowners

Wednesday, May 16th, 2012
 

By Joseph Small


Tucson FHA Streamline Loan. This good be great news for Tucson homeowners with an FHA home loan mortgage. The Federal Government wants to help out the millions of responsible homeowners by allowing them to refinance into a lower mortgage interest rate. On average, this should save the typical responsible homeowner an estimated $3,000 a year. With the Home Afford Refinance Program or HARP 2 Refinance Loan well underway, it was time to address those that do not have a loan owned by Fannie Mae or Freddie Mac (a conventional loan).

The Federal Housing Administration now wants to jump in and help more responsible homeowner’s by allowing them to refinance their current FHA home loan to take advantage of today’s historically low mortgage interest rates.

On June 11, 2012, FHA will lower its FHA upfront mortgage insurance premium or UFMIP for certain FHA refinance loans to a whopping .01 percent. This is HUGE! If you were one of the millions that tried to do an FHA streamline loan in the past… only to find out that the mortgage rate was lower, but the payment wasn’t because of the recent increases to the UFMIP and monthly mortgage insurance or MI, then this might be great news for you.

There are a few qualifying factors that you should be aware of:
1. You must have an FHA mortgage.
2. You must be current with the FHA mortgage payments.
3. And most importantly, your FHA mortgage must have been endorsed prior to May 31, 2009.
(check with us if you are not sure on this)

Please contact us to get started today. (520) 303-5620. We are Tucson’s FHA home loan experts!
Apply Now


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Joseph Small and his team at Guild Mortgage Company helps Tucson Homeowners with all their FHA refinance loan needs.