You may want to have a lender or two price refinance costs and payments for you sooner rather than later. Ask them (the lenders you shop) to work numbers for a conventional refinance first, and if your scores aren't high enough, have the lender work numbers for an FHA refinance. They should also run your file through the automated underwriting system(s) too in the near future (usually Desktop Underwriter -DU- is used for Conventional and FHA Scorecard for FHA loan scenarios).
You may not want to put the refi off until 2015 (or even to 2014 for that matter) because rates may be significantly higher in a year or two (both interest rates and mortgage insurance rates), qualifying guidelines may become more restrictive and doing it this year would give you one less thing to worry about doing in the future. FHA does require monthly mortgage insurance, but if you have the lender assign an FHA case number before June 2013, it will eventually go away (after between 5 and 9 years).
Good Luck - Andy: Modcut
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Thank you, Shogun, myFICO moderator
