Is it possible to do an Arizona FHA refinance with no appraisal?
Many people in Arizona want to take advantage of low interest rates, but currently owe more than their house is worth because property values have went down over the last couple of years. If you are currently in an FHA or VA loan, it may be possible for you to do an Arizona FHA refinance on your home – with no appraisal required.
Which means that if you currently owe more than your house is worth, you can still take advantage of lower interest rates and refinance your current FHA or VA loan.
The official program name is the FHA streamline refinance program and it is available to all FHA borrowers who have made their payments on time for the last 12 months. The Arizona FHA refinance streamline program is designed to allow eligible borrowers to lower their interest rate without having to completely re-qualify for a new loan. There are no income or asset documentation requirements for the Arizona FHA refinance streamline program.
When participating in the Arizona FHA refinance streamline program, in order for no appraisal to be required, you cannot exceed your old loan amount by more than 1.5% ( the exact amount of Up Front Mortgage Insurance Premium that is required on your new loan) or an appraisal will be required. So to exactly answer the question of:
“Is it possible to do an Arizona FHA refinance with no appraisal?”
The answer is “Yes” – as long as your new total loan amount doesn’t exceed your old loan amount by more than 1.5%!