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TN FHA Refi?

Profile picture for Muffingecko
My husband's and my credit scores are 688 (his) and 697 (mine) I know those aren't great, but considering where we came from not too bad.  Income is around 70k.  157k owed on 175k house.  Where do I begin as far as refinancing our 7.25 rate loan?  I assume FHA still makes the most sense, but there are still so many shysters out there. Any advice is appreciated.
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September 05 2010 - Smyrna

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Put a request in Mortgage Marketplace, your scores are good enough for an excellent rate on an FHA loan. The principal and Interest payment on a 15 Yr FHA will be aprx $1178, is that about what you pay now? 
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September 05 2010
oh yes ...
FHA makes the most sense for sure.
plus if you currently have an FHA you may be able to do a "streamline" and save yourself a bunch of headache. 
do it fast and get an FHA number as things are changing in the near future.
BTW love your picture.
Sincerely,
Celia
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September 16 2010

Your scores are well within the FHA requirements.  And FHA would be the way to go for you.  In fact, you should be able to go with a 15 year loan and pay less than you are currently paying for a 30 year loan.  The benefit of a 15 year FHA loan is that if your LTV is <90% you would not have any monthly mortgage insurance.  That fact along with a rate of < 4% would allow you take great advantage of the current market conditions.

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October 28 2010
 
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DiscussionTN FHA Refi?
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