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FHA loan balance $355k @ 6%. Home value est $330k. What are options to refinance at 5% or less?

  • April 10 2009 - Otay Ranch Village 5
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Answers (2)

An FHA Streamline is your best option.

Your new FHA streamline loan amount cannot exceed your original balance...so depending on how new your loan is, you may need to pay some of the closing cost out of pocket.
(original loan amount minus your $355k balance is what you can use towards rolling closing cost into your new loan)
  • April 10 2009
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You would be able to streamline refinance it without an appraisal and should be able to get 5% or below pretty easily.  Cannot have missed a mtg payment in the last 12 months.
  • April 10 2009
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