Tucson FHA Streamline Refinance Loans


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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