Arizona FHA Streamline: Who Qualifies?
The FHA streamline is more popular today than it was a few years ago because of the number of people who currently have an FHA mortgage is higher than it has been in recent years.
And if you are currently in an FHA loan, often times your best financial move when rates drop is to participate in the FHA streamline program.
Can anyone participate in the FHA streamline program? Almost. There are 3 basic criteria to the FHA streamline that must be met in order for someone to participate.
Criteria to Participate in the FHA Streamline Program
- You must currently have an FHA loan and live in the property
- You can’t have more than 2 30 day late payments in the last 12 months
- FHA won’t let you participate if the FHA streamline program doesn’t improve your overall financial situation (lowers your rate, fixes your adjustable rate, etc.)
Most people that I speak with are eligible for the FHA streamline program and with rates lower than they have been in years, if you currently have an FHA loan, it probably makes sense to find out if you meet the 3 criteria to qualify for the FHA streamline program.