The FHA Streamline Refinance is a ‘simplified’ refinance for homeowners with a current FHA mortgage who wish to lower their interest rate or mortgage insurance by receiving a new FHA mortgage.
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Who Is Eligible For A FHA Streamline Refinance?
FHA borrowers who have not missed a mortgage payment in the last 12 months.
FHA borrowers who can receive a combined savings from the interest rate reduction and mortgage insurance of at least .5% on a fixed rate FHA mortgage.
FHA streamline refinance are eligible on homes that are either used as a primary residence, second home, and investment property.
FHA Streamline Refinance Benefits
No appraisal, so it doesn’t matter how much equity you have
No income or job verification
You will receive a prorated Upfront MI refund if you mortgage is less than 3 years old
How much you will save will depend if your current FHA mortgage loan was closed before or after May 31st 2009. For a 30 Year Fixed FHA Streamline refinance mortgage:
If your current FHA loan was closed before May 31st 2009 you will only have a .01% upfront mortgage insurance rate
If your current FHA loan was closed before May 31st 2009 you will only have a .55% annual mortgage insurance rate
If your current FHA loan was closed after May 31st 2009 you will have a 1.75% upfront mortgage insurance rate
If your current FHA loan was closed after May 31st 2009 you will have a .60% annual mortgage insurance rate
For a 15 Year Fixed FHA Streamline refinance mortgage
If your current FHA loan was closed before May 31st 2009 you will only have a .01% upfront mortgage insurance rate
If your current FHA loan was closed before May 31st 2009 you will only have a .25% annual mortgage insurance rate
If your current FHA loan was closed after May 31st 2009 you will have a 1.75% upfront mortgage insurance rate
If your current FHA loan was closed after May 31st 2009 you will have a .25% annual mortgage insurance rate
30 Year Fixed FHA Loans Insured Before and After 5/31/2009
| BEFORE 5/31/2009 | AFTER 5/31/2009 | |
|---|---|---|
| Loan Options | 30 Year Fixed Mortgage | 30 Year Fixed Mortgage |
| Base Loan Amount | $ 200,000.00 | $ 200,000.00 |
| Loan Amount with upfront MI | $ 200,020.00 (with .01% Upfront MI) |
$ 203,500.00 (with 1.75% Upfront MI) |
| Loan To Value | Not Applicable | Not Applicable |
| Interest Rate | 3.750% | 3.750% |
| Point/s (Premium) | – | – |
| Principal & Interest Payment/mo. | $ 870.41 | $ 942.44 |
| Taxes/mo. | $ 130.00 | $ 130.00 |
| Homeowners Insurance/mo. | $ 50.00 | $ 50.00 |
| Mortgage Insurance/mo. | $ 91.67 (based on .55% annually) |
$ 144.15 (based on .85% annually) |
| Total Payment/Month | $ 1,198.00 | $ 1,266.59 |
2021 FHA Loan Limits by Arizona County
| County Name | One-Family | 2-Family | 3-Family | 4-Family |
|---|---|---|---|---|
| Apache | $ 356,362 | $ 456,275 | $ 551,500 | $ 685,400 |
| Cochise | $ 356,362 | $ 456,275 | $ 551,500 | $ 685,400 |
| Coconino | $ 389,850 | $ 499,050 | $ 603,250 | $ 749,700 |
| Graham | $ 356,362 | $ 456,275 | $ 551,500 | $ 685,400 |
| Greenlee | $ 356,362 | $ 456,275 | $ 551,500 | $ 685,400 |
| Gila | $ 356,362 | $ 456,275 | $ 551,500 | $ 685,400 |
| La Paz | $ 356,362 | $ 456,275 | $ 551,500 | $ 685,400 |
| Maricopa | $ 368,000 | $ 471,100 | $ 551,500 | $ 707,700 |
| Mohave | $ 356,362 | $ 456,275 | $ 551,500 | $ 685,400 |
| Navajo | $ 356,362 | $ 456,275 | $ 551,500 | $ 685,400 |
| Pima | $ 356,362 | $ 456,275 | $ 551,500 | $ 685,400 |
| Pinal | $ 368,000 | $ 471,100 | $ 551,500 | $ 707,700 |
| Santa Cruz | $ 356,362 | $ 456,275 | $ 551,500 | $ 685,400 |
| Yavapai | $ 356,362 | $ 456,275 | $ 551,500 | $ 685,400 |
| Yuma | $ 356,362 | $ 456,275 | $ 551,500 | $ 685,400 |