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Refinance to lower FHA mortgage insurance NOT at 80% ltv

by jihrada.nunes478112 from Bryson, Texas. Feb 2nd 2015 Reply


How's your credit? Some credit unions will waive mortgage insurance for their customers but you need excellent credit and would have to refinance with a conventional mortgage.

Feb 2nd 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

Sure, there are options - but it depends on your credit score and exactly where your credit score is. You probably can lower the payment significantly depending on what rate you currently have, possibly eliminating PMI as part of the monthly payment. Or, you can refinance to a new FHA and take advantage of the lowered mort. ins cost.

Feb 2nd 2015
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Difficult, if over 80 LTV.

Feb 2nd 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

Doesn't matter your LTV when you do a streamline without appraisal. Call a local reputable broker and have him go over your options.

Feb 3rd 2015
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Justin Smith (marketing@liveoakmortgage.com)
#227 ranked lender in Texas - 2 contributions

Here are the mortgage insurance rates that you would refinance at...for original FHA loans created after 6/1/2009: 15-year loan terms with loan-to-value over 90% : 0.70 percent annual MIP 15-year loan terms with loan-to-value under 90% : 0.45 percent annual MIP 30-year loan terms with loan-to-value over 95% : 0.85 percent annual MIP 30-year loan terms with loan-to-value under 95% : 0.80 percent annual MIPFHA Streamline Refinances are an easy route to go. You will get the break in mortgage insurance, and get a good rate with minimal or no closing costs.

Feb 3rd 2015
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Justin Smith (marketing@liveoakmortgage.com)
#227 ranked lender in Texas - 2 contributions

Here are the Mortgage Insurance rates you would get with a current refinance...(for original FHA loans closed after June 1, 2009: 15-year loan terms with loan-to-value over 90% : 0.70 percent annual MIP 15-year loan terms with loan-to-value under 90% : 0.45 percent annual MIP 30-year loan terms with loan-to-value over 95% : 0.85 percent annual MIP 30-year loan terms with loan-to-value under 95% : 0.80 percent annual MIP

Feb 3rd 2015
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Pete Bass (PeteBass)
#31 ranked lender in Connecticut - 476 contributions

Hi Bryson-This will depend on your credit score, debit to income ratio, loan to value, and termof the loan you want as a refinance. e-mail me at peter.bass@everbank.com for more information.

Feb 3rd 2015
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Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 597 contributions

More than likely you will be able to take advantage of the new mortgage insurance premium on FHA loans as of Jan. 26th it decreased the MI factor from 1.35% to .85% annually. Speak with someone local that will be able to weigh all the factors to see what makes the most sense for you

Feb 3rd 2015
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Melvin List (melvinlist)
#145 ranked lender in Florida - 124 contributions

I would first look at a conventional refinance with lender paid mortgage insurance. The My Community program and the Home Possible program will allow you to refinance to 97% if you meet the guidelines.

Feb 5th 2015
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