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Last April I bought a house (in my name only) with a 203K FHA loan at 5.25%. The bank is now increasing my payment from $1800 to over $2K/month for escrow shortages, escrow reserve, and a slight increase in my homeowners insurance.
Unfortunately because of some student loan payments that have recently kicked in ($450/mnth) my debt to income is well above 55%. I also have about $150/month in CC bills which is helping.
Is there anyway I can take advantage of today's low rates? With my wife's income, we can easily handle the payments, but due to her poor credit and a bankruptcy on her file, we cannot use her income.
Any help is appreciated.
Yes, you could do a FHA streamline refi that wouldn't require any verification of credit/new appraisal or anything. The only requirements are a lower payment amount as a result of the refi and no cash out. Just do a google search for FHA streamline refi and you will find tons of details.
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This is what the lender I have been working with is telling me:
"Most investors have their own overlay guidelines on top of FHA’s guidelines (they all want credit scores pulled, but most want debt/income qualifying as well). With that said, there maybe some investors that don't require this, but then the lender credit isn’t quite as good. The 3.75% rate can cover the up-front MI, as well as about $2300 of the $5400 in closing costs. So you would have to come to the table with the difference of $3,100 (you can’t build in closing costs with the FHA streamline refinance)."
Does that sound right? I can't afford $3,100 not to mention the dramatic increase in mortgage insurance I'd have to pay (It's $100/month...they're telling me it'd be closer to $250/month after I refinance).