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Answers (3)
Best Answer
- Bob Brenner, "GuildMortgageBob"
- Contributions:47
No. With HUD's recent change increasing the monthly mortgage insurance premium, it will not make any sense given your current rate.
If you can pay down the mortgage to get into a 90% conventional, the private mortgage insurance premium will be less along with still lower conventional rates, your total payment will be lower than with a FHA streamline.
If you can pay down the mortgage to get into a 90% conventional, the private mortgage insurance premium will be less along with still lower conventional rates, your total payment will be lower than with a FHA streamline.
- Greg Migacz, "Rehabloans"
- Contributions:28
No. You will not get the minimum 5% PITI benefit with the new MIP charges. Bob is correct in holding on until you can get a conventional loan.
- Lanre Folayan, "Lanre Folayan"
- Contributions:74
This is a question that a mortgage lender can help you answer.
Does it make sense to do a streamline FHA refi right now?
Origination date- Oct '09
FHA 30-yr fixed
Original Principal Balance- 345,600
Interest Rate- 5.0%
Current Principal Balance- 340,900
Monthly Payment Breakdown- 1,855 P&I, 430 Escrow = 2290 total monthly
Washington, DC Excellent Credit, House appraises about 365k
Objectives- lower monthly payment, no increase to principal, and no up-front costs
Is it possible to achieve these objectives with current rates if I were to do a streamline FHA refi?
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