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FHA streamline for FHA loan last refinanced in 10/2010

I have been looking into refinancing again.  We have a 30 year fixed at 4.5%, the current balance is 343k and no way that the home would appraise for that.  I have been told that it is not worth it because the PMI would go up so much that it would eat up any savings based on the rate.  What if I wanted to shorten the term to 20 years?  Does anyone know if they are looking into doing anything for people in this situation?  It seems like there are many of us and it is very frustrating.
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October 05 2012 - New Market
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You will not qualify for a streamline using a 20 Year term because you cant meet the 5% payment savings test. While you do increase the monthly MI payment ( maybe over double depending on your current payment ), you still may qualify. Your new P & I plus new MI payment would be aprx $1860. If your current P & I payment plus the MI payment is at least $1960 or higher then you will qualify. While the net savings may only be $100-$120/month, you can apply that savings to the new loan and you will remove the monthly MI payment a couple years sooner than if you keep what you have, then be left with a P & I payment calculated in the low 3;s. It is worth doing if you plan to hold this property long term.  
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October 05 2012
 
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FHA streamline for FHA loan last refinanced in 10/2010
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