Arizona refinance options are still available today -- even though they are quite different than they were just a few years ago. It used to be much easier to refinance your house than it is today. Now when you refinance your house, be prepared todocument your income fully, have equity in your property and havecredit scores better than 620.
Popular Refinance Programs
In the past couple of years, the lending environment has moved and many people have started getting FHA, VA or USDA loans on their homes. Sure, there are still conventional and jumbo loans available, but Arizona FHA and Arizona VA programs are more popular than ever. Jumbo loans are harder to qualify for than they used to be, but are still available.
Credit Scores Matter When Refinancing
In today’s lending environment, if you are going to qualify for a program, you will need at least a 620 mid credit score in order to qualify. For FHA, VA, USDA loans - the 620 mid credit score is a minimum requirement.
Yes, Equity In Your Home Matters
For regular rate and term refinance options, you can refinance up to105% of the property’s value with the Obama refinance plan. Cash out plans for FHA are now limited to 85%. If you don’t have equity in your property, you will want to look into the Arizona loan modification options that may be available for you.
