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Answers (6)
- Clay Branch, "Georgia Loans"
- Contributions:7836
If you have equity then need to know loan balance and zip code for a full doc FHA refi. Unless you have owned the property for awhile you probably wont qualify for a non qualifying streamline since you need the 5% payment drop as ipso stated and that will be very hard since your current rate is 4.875%.
- ipso
- Contributions:37
3% rate on FHA 15 year; your payment must come down 5% on the new loan. No qualifying or appraisal required if you find right lender.
- Mark Anderson, "MarkAndersonMortgage"
- Contributions:12
I would try to boost your credit rating above 680 and apply for a conventional loan. Your options are going to depend a lot on how much equity you have based on a new appraisal.
- wayne lancaster, "funds2"
- Contributions:1177
Good.....By getting an appraisal you could refinance your 30 yr FHA to 15 yr and rate would drop significantly as mentioned, and Mortgage Insurance monthly would drop to .25% vs current .50 or 1.10% depending when loan was originated. All that said, it is a good time to compare a conventional 15 or 20 yr loan as an option, and look at 5% second lien to eliminate mortgage insurance entirely.
If interested, I could run comparisons for you if you contacted me through my profile.
If interested, I could run comparisons for you if you contacted me through my profile.
- phils46
- Contributions:46
Current loan balance, $421K, approx market value $500K. Thank you.
- wayne lancaster, "funds2"
- Contributions:1177
What is the value of property and current loan balance? By going to a 15 yr loan there will be an appraisal needed and qualifying, but advantage would be lower mortgage ins. than a 30 yr refi and rate in mid to lower 3s If an appraisal/value is an issue you can do a 30 yr FHA loan without an appraisal but mortgage ins payment could double.........
I want to refinance to 15 yrs FHA from 30 yrs FHA loan.
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