No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Anyone out there an expert on "Streamline" refinancing an FHA loan? I've heard a lot about the programs and want to know if I qualify.
I found this: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/buying/streamli
We are just over two years into a 30 year fixed at 4.5%, and would love to shave some points or even eliminate the MIP. Has anyone here done this, and what did you have to do to qualify?
I believe one of the requirements is to reduce your payment by at least 5%. You have a great rate at 4.5 so that may be hard to do at todays rates.... I believe someone told me you can't use it to rid yourself of MIP unless you have 22% equity and choose a 15 year FHA.
@Anonymous wrote:I believe one of the requirements is to reduce your payment by at least 5%. You have a great rate at 4.5 so that may be hard to do at todays rates.... I believe someone told me you can't use it to rid yourself of MIP unless you have 22% equity and choose a 15 year FHA.
not to highjack this thread but I am 2 years and 6 months into a FHA at 5.5% fixed, is there any calculaters that say where you can calculate payment savings?
@john398 wrote:
@Anonymous wrote:I believe one of the requirements is to reduce your payment by at least 5%. You have a great rate at 4.5 so that may be hard to do at todays rates.... I believe someone told me you can't use it to rid yourself of MIP unless you have 22% equity and choose a 15 year FHA.
not to highjack this thread but I am 2 years and 6 months into a FHA at 5.5% fixed, is there any calculaters that say where you can calculate payment savings?
The problem is the MIP - insurance rates are up so you need a significant rate savings in order to see any lower payment. Your Loan Officer can run those numbers for you, and should do it for free.
@p- wrote:
@john398 wrote:
@Anonymous wrote:I believe one of the requirements is to reduce your payment by at least 5%. You have a great rate at 4.5 so that may be hard to do at todays rates.... I believe someone told me you can't use it to rid yourself of MIP unless you have 22% equity and choose a 15 year FHA.
not to highjack this thread but I am 2 years and 6 months into a FHA at 5.5% fixed, is there any calculaters that say where you can calculate payment savings?The problem is the MIP - insurance rates are up so you need a significant rate savings in order to see any lower payment. Your Loan Officer can run those numbers for you, and should do it for free.
Ok got ya, I may check with quicken
I do these all of the time....
If you are under the old MI plan then you might not want to refi. Doesn't hurt/cost to get a quote though. ;-)
You cannot eliminate MI anymore on the 15yr loan. That is old guidelines.