In the last couple of years, many people in Arizona have obtained an FHA loan on their home as other mortgage options have gone by the wayside. When they got the current FHA loan that they have, they probably got a good rate at the time, but guess what?

Rates are now lower.

Which means many people are wondering exactly what it takes to participate in the Arizona FHA streamline program.

As you probably know, FHA doesn’t actually lend you money, they only insure your loan. This means that FHA has a direct interest in keeping your monthly payment as low as possible, because if your monthly payment is lower, you are less likely to default on your loan.

Enter the FHA streamline program. FHA designed the FHA streamline program to be as easy as possible for current FHA borrowers who are in good standing to get a lower rate without having to completely re-qualify for a new loan.

The main criteria for participating in the FHA streamline program are that you must live in the property and that you can’t have more than two, thirty day late payments on your mortgage in the last 12 months.

Assuming that you live in your house and that you have less than 2 thirty day late payments in the last 12 months you are probably eligible to participate in the FHA streamline program regardless of what your current credit score is.

True, many lenders are now requiring a minimum of 620 credit score, but some are not.

Do you live in Arizona and are wondering if the FHA streamline program is right for you? Contact us today and can see if we can help get you qualified for the program.

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