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FHA Streamline Loan Requirements

If you have an existing FHA loan on your primary residence and a fairly good credit score, you may be able to take advantage of the FHA Streamlined Refinancing Program, which eliminates many of the complex steps involved in a typical FHA refinance.   No appraisal is required as long as the borrower reduces their payment by 5 percent, which has caused many to liken this program to the HARP 2.0 program.

Key requirements of the FHA Streamlined Program include the following:

  • Your original FHA loan must have been taken prior to 2009.
  • You must have made payments on time for at least one year and must be current on your payments at the time of application.
  • Your lender must be FHA approved.
  • You must have owned the property for at least 6 months prior to refinancing.
  • You will be limited to the amount of your original loan unless you pay for a new appraisal to show that the home value has increased.

Arizona awards $20 milion in affordable housing tax credits

The Arizona Housing Department awarded $20 million in tax credits to 18 projects last week and has worked  out deals for the projects to be completed in almost half the time. These credits are expected to save each developer approximately $1 million  on new Arizona projects and encourage additional housing development over the next decade.  Read more…

New Health Care Ruling May Not Change Tide

azcentral.com:  The Supreme Court is expected to rule on the constitutionality of some provisions of the “Affordable Care Act” (Obamacare).  At this point, however, an article in azcentral.com explains why analysts expect that the ruling will not change the tide that will cause more employees in Arizona to pay more fees for health care.  Employers are choosing plans that force employees to front the first $1000 to $10,000 of their health care before their coverage begins.  As a result, an increasingly well-researched population of patients will use the internet to pick and choose which procedures they can afford just as they might pick from a cafeteria line.  This seems to set up patients and doctors alike for failure.  Lawyers, however, should become busier drafting waivers and releases to ensure doctors are able to perform the services patients request in these isolated circumstances.

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