Many people who bought their homes using FHA loans in the last few years in Arizona are now in a situation where they owe more on their mortgage than their home is currently worth.
And they are worried that they cannot refinance.
The good news is that if you currently have an FHA loan and owe more than your home is worth on your mortgage, you can still refinance using the FHA streamline without appraisal 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.
Which means you are going to be bringing in money to close your FHA loan under the FHA streamline no appraisal program — unless — interest rates drop significantly and you can choose a slightly higher interest rate in exchange for the lender to cover your closing costs.
And you still don’t have to get an appraisal.
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
*This is not an offer to lend. 
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