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I have 23 years left on my mortgage. Can I get a FHA streamline on 23 years OR do I have to take another 30 yr mortgage out?

by bellas_916_687 from Deerfield, Virginia. Jan 26th 2013 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,875 contributions

You can take a shorter term, and that is highly advised if the numbers make sense. On an FHA streamline, your new payment MUST BE at least 5%cheaper than your current payment, even if you are going to a shorter-term. FHA isn't your only option. A few lender, like myself, allow you to refinance to ANY loan term you desire between 8-years and 30-years. So if you wanted a new 23-year loan amortization - we could do that. We only lend in MN and WI, but read mortgage information at http://www.metzlermortgage.com/yourgage

Jan 27th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,588 contributions

There are lenders out there that can do variable term mortgages.. However most lenders only do 15 or 30 year FHA mortgages.. if you have equity, it's possible you can look at a new conventional mortgage, but you will have to "Fully Qualify".. Meaning tax returns, W2's, pay stubs, bank statements, and an appraisal.. FHA will allow you to refinance without the tax returns, and w2's, and there's no need for an appraisal.. however if you decide to lower your term as others have suggested, with FHA if you don't save at least 5%, then you will have to "Income Qualify".. Meaning w2's, tax returns, and pay stubs.. But you won't need to do an appraisal.. you should sit down with a local mortgage broker and let him put together several scenarios for you to review...you won't really know what you can or cannot do unless someone see's your complete profile.. 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

Jan 27th 2013
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Brian Mayer (usdaloans)
#40 ranked lender in Maryland - 30 contributions

You can do 15 or 30. Many times with todays rates you can keep your payment and move to a 15 year. I saw rates in the 2's yesterday on 15 year notes. I am available if you want to know the new payment 443-624-9398

Jan 26th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#76 ranked lender in Florida - 2,240 contributions

You would have to take out either a 10, 20 or 30 year term. You can most likely go down to the 20 year can keep close to the same payment you have now. Call a mortgage pro to discuss your situation and see what works best for you.

Jan 26th 2013
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Brian Allen (ballen)
#43 ranked lender in Maryland - 191 contributions

FHA mortgages only come as a 30 or 15 year amortization if you wish to afford it a 15 year mortgage makes great money sense however you can do another 30 and with good money management you can pay it as a 23 year which means you will pay a lttle more than the note rate therefore increasing equity postion with each payment also depending upon your equity position a 15 year mortgage may not require mortgage insurance. For immediate review of your loan and reccomendation you can contact at 888-354-3299 or ballen@monarchmortgage.com.

Jan 26th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

You would have to take out either a 10, 20 or 30 year term. You can most likely go down to the 20 year can keep close to the same payment you have now. Call a mortgage pro to discuss your situation and see what works best for you. AA 800 813 3291

Jan 26th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

FHA mortgages only come as a 30 or 15 year amortization if you wish to afford it a 15 year mortgage makes great money sense however you can do another 30 and with good money management you can pay it as a 23 year which means you will pay a lttle more than the note rate therefore increasing equity position with each payment also depending upon your equity position a 15 year mortgage may not require mortgage insurance.... Good Luck! Andrew Alfonso

Jan 26th 2013
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Edgar Aranda (earanda)
#755 ranked lender in California - 93 contributions

FHA terms are as follows: 15 yr, 20,25 and 30yr loans

Jan 26th 2013
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Richard Morris (RichardMorris)
#50 ranked lender in Virginia - 5 contributions

Don't limit yourself just to an FHA streamline. There are several other loans that you might be interested in that can accomplish your goals and not increase the years it takes you to be mortgage Free! Give me a call:757-818-1395

Jan 27th 2013
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