In 2008, the FHA loan limit for Maricopa county was $346,250. In 2009, the FHA loan limit for Maricopa county is $271,050.
A few people that I have spoken to recently are in a situation where they got an FHA loan in 2008 for an amount that is greater than the FHA 2009 loan limit and they want to do an FHA streamline refinance.
Can you do an FHA streamline refinance if your current FHA loan is above the current FHA loan limit?
Not as of today.
That is the bad news.
The good news is that lenders expect FHA to issue an official announcement allowing people who are currently in an FHA loan that is above the 2009 FHA loan limit to be able to participate in the FHA streamline program.
As always, we will keep you posted when the official announcement is made.