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Is there a list of approved FHA refi leader in Northern VA?

I have a FHA loan of $726K at 5.25% 30 yr fix. I would like to get a better rate to bring down my monthly payment.

Thanks.
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December 07 2011 - Leesburg
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The holidays won't be here quick enough.
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December 07 2011
Norm,
Z625 states in the thread his value is 850K with a loan of 726K....
It is probably why Clay suggested a portfolio loan to reduce the MI.

Happy Holidays. Jim
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December 07 2011
James Ryan - the only FHA streamline i'll do is without an appraisal. If they put down 3% or 3.5% (depends on when they bought) they sure don't have equity now. 
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December 07 2011
If you currently have an FHA loan, the best option would be a streamline FHA without an appraisal.  In many cases you might not get an UFMIP refund.  Be prepared to pay your own closing costs as doing without an appraisal requires the borrower to pay for closing costs.  You do have the option to include into the rate.  Either way look into that option and see if it best suites your needs.  It is a crazy market!

You may also click on my profile page and we may discuss further. 
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December 07 2011

Almost forgot, you may get a refund of your previous UFMIP too....

Jim

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December 07 2011
Hi Z625...

The appraisal might be the issue in Loudoun County, the area has taken quite a hit, and there are still lenders that will do an FHA streamline without an appraisal...

Happy Holidays...Jim
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December 07 2011
While you can make a significant drop on the rate and P & I payment, your monthly MI payments will more than double so the net savings will be around $200 - $300 depending on if you pay closing costs or not. You will probably be better off using a portfolio loan if it will appraise for $850K. I can give you some figures if you send me an email through my profile page. You can also fill out a quote request on Zillow and should get multiple quotes.  
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December 07 2011
Thanks, hold that thought for a few minutes.
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December 07 2011
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My guess is about $850K.
Principal - $908
Interest - $3192
Mtg ins - $297

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December 07 2011
How much will your home appraise for?

Look at your current statement, please list the principal & interest and mortgage insurance amounts.
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December 07 2011
 
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