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FHA Streamline Refinance from 30 to 15 Year Fixed

I just learned about the new fee reductions on FHA streamline, and I would like to take advantage. However, I also want to move from a 30 year fixed to a 15 year fixed mortgage. Is this possible? I am getting conflicting answers depending on where I look. Some places say no because the payment will not be decreasing, some say yes as long as I get an appraisal.Anybody know? by koalab_411_689 from Beaverton, Oregon. Jun 22nd 2012 Reply


Al and Cindy Lane (Al Lane)
#1 ranked lender in Washington - 38 contributions

The answer is yes you can depending on how you do it. If you go with a full credit qualification then yes you can reduce the term as long as you can qualify for the new payment and an apprasial may or maynot be required. If you chose to do a non-credit qualifying then no you can not reduce the term. Any questions please call me at 360-901-1023 anytime. I am located in Vancouver, WA and service both WA and OR.

Jun 22nd 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

If you do a streamline refinance and full up qualify with tax returns, 1099's/w2's, pay stubs, you can do the refinance and lower your term to 15 years.. However, I'm not sure that's the best idea.. The new upfront and monthly MI through FHA is dirt cheap, and you won't see a big rate improvement from 30 to 15 years, so it makes sense to do a 30 year, and just pay extra... this way you get the best of both worlds. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 22nd 2012
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Cecelia Binetti (cbinet_817_866)
#55 ranked lender in Colorado - 2 contributions

Lane- is correct to reduce your term then you would go witha full credit qualification, otherwise doing a streamline non-credit qualifying you would can not reduce the term.

Jun 22nd 2012
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I am investigating options for refinancing my FHA loan also. I am currently with WellsFargo, but they would not give me a rate better than 3.75% while my credit score is in upper 730's. Anyone in TN offers better rate than that? Thanks. Mei

Jun 26th 2012
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I am investigating options for refinancing my FHA loan also. I am currently with WellsFargo, but they would not give me a rate better than 3.75% while my credit score is in upper 730's. Anyone in TN offers better rate than that? Thanks. May

Jun 26th 2012
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