I believe I am in a rather unique position regarding my current FHA mortgage. This original FHA loan was approx $155K and the current amount owed on the loan is $148K. The loan is only 4 years old and was made at a rate of 6.5%. (!!)
I would like to refinance this loan to a term of 10 or 15 years. I can easily make the estimated mortgage payment under either term. Credit profile is excellent (>750 FICOs). However, due to the low equity in the existing mortgage, I think my best bet would be an FHA refi or FHA streamline refi. I want to avoid as many out of pocket costs as possible.
Are there any good options for this scenario and set of facts?