Want to refi my FHA Loan. Help NeededAll - I bought a new house in Phoenix/Chandler for $260K in Jan 2010. I paid 3.5% down and got the FHA loan @ 5.125% for 30 years fixed. I was thinking of refinancing the loan considering the interest rates are down. I contacted by BoA loan officer who gave me a rate of 3.25% for 15 years fixed which would take my monthly payment (P&I+Insurance+PMI+Tax) from ~$1700 to $2000. But when the underwriter looked at the loan documents, she declined it saying that FHA can not be refinanced from 30 year to 15 years. I read through other discussions on this forum and looked like HUD had a rule change in Dec 2010 which wont allow refi from 30 year to 15 year. So, what are my options? Is paying down 20% and converting the FHA to conventional loan the only good option? Thanks in advance.May 29 2012 - Ocotillo Lakes00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.