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FHA Steamline question

I was recently contacted about an FHA Steamline loan option to reduce my interest rate and I was looking to change the term of my loan. I  have a mortgage loan of about 85,000 would I have to pay M.I.P. and how does that  work in relations to PMI since I do not have that on my current loan when I had to refi following a divorce? Want what kind of fees should I expect to be charged for? I pay 5.5 % currently in interest. I just trying to do my homework and check and see if this is a viable option for me. I also do not currently escrow my taxes and insurance I do that on my own and have been current on paying them and the mortgage without any late payments or liens on the property.
  • June 17 2013 - Cincinnati
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Answers (6)

Jordan,
9 replies and 9 spams............. take time to read Good Neighbor Policy - lower right - you are not presenting a positive picture.  Perhaps a few days of "time out" will help.
  • June 29 2013
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Hello, FHA requires you to escrow, include you taxes and insurance and also requires you to pay a monthly mortgage insurance on top of that. They monthly portion is much less on a 15 year than a 20, 25, or 30. Conventional is also an option depending on the equity percentage in the property. You can even have a conventional loan at 20, 25, or 30 years at 90% loan to value with PMI and the payment would be less then it would be on a FHA 20, 25, or 30. A 15 year is also an option. I would be happy to help you and provided options. [Promotion and contact information removed by Zillow moderator. Please see our Good Neighbor Policy for more information.] Thanks Jordan
  • June 29 2013
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I would have tried for a regular loan but I had some credit issue after my divorce and I have been working really hard to fix it, but I don't think it is good enough for a conventional loan yet. I would love to be able to take the term down to a 15.
  • June 18 2013
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Wayne is correct. You can't get an FHA Streamline unless you currently have an FHA loan.
  • June 18 2013
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You would have to pay an insurance premium, but the streamline process was created to just change the rate of the loan not much else will be changed. It is also a relatively easy loan to qualify for in comparison to an FHA purchase loan. It was designed to help borrowers refinance with today's rates easier. 
  • June 17 2013
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A streamline FHA is only for current FHA loans.  If your property value is $95K or greater a 15 yr conventional loan would be a viable option.
  • June 17 2013
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