Justin McHood

Arizona FHA Streamline Refinance

As interest rates are dropping, we are starting to get calls from people who are currently in an FHA loan about what they need to do to qualify for the FHA Streamline refinance program. In order to qualify for the FHA streamline program, you need to meet 3 basic criteria.

FHA Streamline Eligilbility

1. You must live in the property and currently have an FHA loan.
2. You can't have more than 2 30-day late payments on your loan in the last 12 months.
3. You can't participate in the FHA streamline program unless it improves your overall financial situation. FHA has strict criteria for this and your local mortgage professional can help you figure it out if it isn't easy to tell right away.

With rates dropping, more people than ever can benefit from the FHA Streamline program and the criteria to qualify are usually met with most people that I speak with.

Learn more about the FHA streamline program at Arizona Mortgage Team.

Gilbert Arizona Mortgage Rates December 9 2008

The markets are relatively quiet with little economic news out, with the 10-yr at 2.72% and mortgage prices about .250 better than yesterday afternoon. The FOMC meets early next week, and most expect them to lower overnight rates although the impact on mortgage rates is expected to be minimal.

As always, we are your local Gilbert Arizona Mortgage experts and look forward to helping you with your mortgage needs.

Scottsdale Arizona Mortgage Rates for December 8 2008

As we have mentioned before, we are expecting guidelines to play a bigger role than interest rates when qualifying for a mortgage. Guidelines are tightening up, and even if interest rates drop to the 4.5% level (as the proposed plan from the Treasury would do), if you can't qualify for a mortgage due to guideline changes, what good is a 4.5% interest rate?

Tempe AZ Mortgage Rates for December 4, 2008

There is a plan kicking around Washington where the government may make moves to have 4.5% be a "target rate" for people who are interested in buying a new home. Will it pass? We don't know -- but it sure did make a lot of noise. Look for us on ABC-15 news tonight talking about "the 4.5%" plan and what it means for new homebuyers.

Mesa, AZ Mortgage Rates December 3 2008

Mortgage News

Rates have ticked up slightly since the early part of this week/late part of last week -- but are still in the mid-f% range. Mortgage applications have increased substantially since last week when the Fed announced a new stimulus package.

As always, we are your local Mesa, Arizona mortgage experts and look forward to working with you.