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Can I do a 30 year FHA Streamline Refi with No UMIP or monthly MIP?

I owe 146K on my mortgage; original purchase price was $187,500 LTV is 78%; can I refinance with streamline program and avoid 1% UMIP and MIP need to use streamlin program because property is only worth $120K upside down...original appraisal was $188K.

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October 25 2011 - Stone Mountain
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You can not use the streamline loan to change terms, that becomes a
 " rate & term" full doc loan with appraisal. The 15 Year loans still have the 1% UFMIP hit even if you were below 78%.
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October 25 2011
You never mentioned a 15 year loan.  If that is the case, then there is the UFMIP and no MIP.  You have to qualify with income, assets and appraisal.   
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October 25 2011
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thanks; thought there was no MIP if I went to a 15 year product 5 year mandatory term not applicable to 15 year product...
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October 25 2011
Maybe the FHFA should revisit the MI issue on streamlines so FHA holders can refinance too...
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October 25 2011
new guidelines for FHA mandate 5 years of MI payments
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October 25 2011
Unfortunately,  you will not be not be able to avoid the UFMIP and the MIP.  Regardless of the fact that you are at 78% LTV, you will be required to pay the MIP for 60 months.     
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October 25 2011
 
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