FHA Refinance DEAD? FHA Streamline Going DOWN!

For more information http://tucson-fha-loans.com.

The FHA Streamline Refinance is currently the easiest way to get an FHA Refinance, but that is about to change. With the Streamline FHA you do not need to get an appraisal, verify your employment or even verify your assets. As long as you've been making your monthly FHA payments, you should be able to qualify for an FHA Refinance.

IMPORTANT: HUD has just announced that the FHA Streamline Refinance is going to become extinct effective January 1st 2010.

As of January 1st all FHA Refinance applicants will have to document their employment, their income and also their assets. We realize that is a matter of inconvenience, but those are the new rules. An appraisal MAY be required under the new Streamline FHA Refinance rules. Currently an appraisal is not required.

Together these two items will not only increase the time it takes to do an FHA Refinance Loan but also the costs involved will go up to the consumer.

In Arizona many families who bought their homes with an FHA Mortgage Loan are now upside down, meaning they owe more on the loan than the home is worth. The new rules may make it impossible for these families to refinance. If you or someone you know is in an FHA Mortgage and may be able to save money with a lower rate, please forward them this video.

You can use my FHA Mortgage Calculator to determine what your new payments would be if you were to do an FHA Streamline Refinance today. There is a walk through in the video. Check out the FHA Mortgage Calculator and see what your payments would look like in today's interest rate environment.

You can find me at (520) 225-0380 or online at tucson-fha-loans.com

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