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LPMI loan vs. current FHA loan

Hi,

Here's the breakdown of what my current situation is:

My wife and I purchased a house December 2011, for $456,000. Our current FHA loan balance is $413,000 at 3.875%. Principal/Interest is $1980 and PMI is $380 per month. My fico score is over 800 and my wife's around 700. We would be using both are combined incomes to qualify for the refinancing.

Given the current low rates, is it possible to refinance into a conforming with LPMI at around 3.875% or lower, and at no cost to me?  

Just a side note… at the time of getting our house we only qualified for an FHA loan because my wife's fico score was at 697, just below the 700 fico score required for getting a conforming loan at the low rates. 

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November 06 2012 - San Jose
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Answers (2)

Best Answer
Yes you could but minimum FICO would need to be 720. Using today's rates you could get a rate of 3.95% but today rates suck so it could be lower if you lock on a good day!
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November 06 2012
We can get you a comparable analysis and give you options. I would love to quote you a rate! Contact me through my profile link for information. 

Ivan Diaz
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November 27 2012
 
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  • Asked by takharrupinder7
  • In Refinance
  • December 06 2013
Mortgage Rates
 
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