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Answers (6)
- Clay Branch, "Georgia Loans"
- Contributions:7835
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%.
" rate & term" full doc loan with appraisal. The 15 Year loans still have the 1% UFMIP hit even if you were below 78%.
- Chris Milker, "CMG Financial"
- Contributions:254
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.
- atlredan14
- Contributions:49
thanks; thought there was no MIP if I went to a 15 year product 5 year mandatory term not applicable to 15 year product...
- Clay Branch, "Georgia Loans"
- Contributions:7835
Maybe the FHFA should revisit the MI issue on streamlines so FHA holders can refinance too...
- Al Rodenburg, "Al Rodenburg"
- Contributions:27
new guidelines for FHA mandate 5 years of MI payments
- Chris Milker, "CMG Financial"
- Contributions:254
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.
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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