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.
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?
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.
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.
