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have a 30 yr fha at 5%. Can I do a streamline to a 15yr fha to lower the rates?.

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May 11 2012 - Aberdeen
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The requirement to obtain a streamline FHA refinance is that you reduce your Principal & Interest and Mortgage Insurance payment by 5%.  There answer is not that you cannot do it.  The answer is that you must reduce the payment by 5%.

Are you looking to do a streamline because you want to save the fees?  Are you afraid you won't qualify because of appraisal or income issues?

The value will be taken from the FHA assigned value from your original loan.  If you have the ability to make a principal reduction payment at closing it is possible to meet the 5% requirement.  Rates are in the mid 3% and if you can pay the loan down to, or if you already have, 22% equity in the property you will not have to pay monthly mortgage insurance.

If your loan was taken out prior to 5/31/09 you will benefit from a much lower Upfront MI payment.

If the streamline to a 15 year is not possible would you consider streamlining to a lower rate 30 YR Fixed.  Rates are in the high three. You could do the 30YR and take the savings.  We can run a 15 year amortization schedule for you and you can make the necessary payment to have the loan paid off in 15 years anyway. 

You have a lot of options and I think that I good conversation would be in order.  Feel free to reach out to me through my profile if you would like to explore further.

Best Wishes,

John
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May 11 2012
Hello - I am happy to discuss further and share some issues that will surface- You may need to do a full refinance.  I am available to discuss please email me [Email removed by Zillow moderator. Please see our Good Neighbor Policy for more information.] or you can contact me through my profile. 
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May 17 2012
You will need to do a full refinance if you are going to go from a 30yr to a 15yr.  Are you currently underwater.  Also if you have had this mortgage since May of 2009, new rules will be in place next month that will keep you from being subject to the higher premiums.  Happy to help out.  Contact me through my profile
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May 11 2012
 
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