For many people who have FHA loans in Arizona, the FHA streamline program has been great because it has allowed them to refinance into a lower rate even if they owed more than their home is worth thanks to the no-appraisal requirements.
But that is about to change on November 17, thanks to the new announcement from HUD and as our friend from NJ put it “They took the streamline out of FHA streamline“.
Prior to the upcoming changes, when people wanted to do an FHA refinance streamline, it was a no-income, no asset, no credit score (although this changed for many lenders recently, not all), no appraisal program. Now with the upcoming changes, these things are really no longer true.
The new FHA streamline guidelines include things like you have to provide proof of employment and income as well as any cash that will be required at closing.
You also cannot finance your closing costs into the loan without a complete home appraisal now either. For anyone living in Arizona who has an FHA loan, this will be a big deal — because many times your home is worth less than what you currently owe on your mortgage.
The good news is that you still have a little bit of time if you are in an FHA loan and want to lower your rate under the “old” FHA streamline rules — but time is running out, so hurry!
*This is not an offer to lend. 
Obama Refinance Plan For San Jose Homeowners AnnouncedHome Affordable Refinance Program Update Harp 2 Bay Area San Francisco California March 2012 Guidelines for Purchasing a 3 to 4 Unit Property with FHA Financing in Alameda, CA8 Year Fixed to 30 Year Fixed. You Can Choose Your Loan Term In San Jose
