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Refinancing FHA loan, is this a good offer?

My home is valued at $535,000 with a loan amount outstanding of $420,000. I have an offer from Cash Call at 3.5% FHA at 15 years FRM, no closing cost and free appraisal. My current loan is FHA 30 year FRM at 4.875%. Can I do better than this? Credit score of 659. by judybl_457_570 from San Clemente, California. Nov 2nd 2011 Reply


Kurt Robinson (krobinson54)
#469 ranked lender in California - 2 contributions

Judybl;I apologize for not being able to answer your question. I am a multifamily and commercial specialist.Hopefully, a residential loan agent will pick up your query and assist you.If you do not get a response soon, then contact me at krobinson54@gmail.com and I can get you hooked up with the right person.

Nov 2nd 2011
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Brandon Blue (brandon@bluehomeloans.com)
#514 ranked lender in California - 8 contributions

Yes, that appears to be a good deal. However, why would you refinance into a new FHA loan if you are less than 80% LTV?

Nov 2nd 2011
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Joseph Afonso (jafonso)
#63 ranked lender in Arizona - 197 contributions

You should look at refinancing into a conventional loan which should give you the same rate and you would no longer have mortgage insurance.

Nov 2nd 2011
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Dr. Shab Kavandi (skavandi)
#472 ranked lender in California - 53 contributions

Hi there: If you have a FHA loan you can utilize a Streamline loan with no closing cost and there is no apprisal needed for that transaction at all! However you can also convert your FHA loan into convetional loan if you have 20% equity in yourhouse in doing that you will get rid of mortgage insurance premium which should be around at least $400-$500 per month! When did you get your FHA loan (how many months ago)? If you would like to you can call me directly for your free and no obligation consultations :) I look forward talking to you soon :)ShabMy phone number: 1-714-639-6694

Nov 2nd 2011
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Ronald Farah (ronaldf)
#519 ranked lender in California - 4 contributions

you're LTV is 80%, why would you go FHA ???and the 3.5% FHA for 15 years fixed with no closing cost and no appraisal fee, if there is nothing hidden.........good dealYour current FHA 30 year fixed at 4.875 can be reduced for sure.Good luck and let us know, we'll be glad to help

Nov 2nd 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

looks like an amazing deal... WilliamAcres.com

Nov 2nd 2011
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Aaron Brown (aaron.brown)
#77 ranked lender in Arizona - 37 contributions

Sounds like the broker/lender is going to provide a credit to cover all costs/fees with FHA streamlined refinance. I suggest that you ask for a Truth In Lending and Good Faith Estimate just to be on safe side. On paper, it does sound like a great deal but like others have mentioned, it may be worth looking into a conventional loan since you may have 20% in equity. Please do not hesiate to contact me with any questions.Best Regards,Aaron BrownFlagstar Bank480-538-0611 Ext: 226

Nov 2nd 2011
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Korene Clopine-Seaman (korene)
#68 ranked lender in Arizona - 90 contributions

you're LTV is 80%, why would you go FHA ???and the 3.5% FHA for 15 years fixed with no closing cost and no appraisal fee, if there is nothing hidden.........good dealYour current FHA 30 year fixed at 4.875 can be reduced for sure.Good luck and let us know, Hi there: If you have a FHA loan you can utilize a Streamline loan with no closing cost and there is no apprisal Judy, As a Senior Mortgage Banker licensed and experienced in doing many FHA and Conventional loans, it sounds like a good deal BUT i would recommend reviewing all the types of loans you may qualify for including loans that do not require Mortgage Insurance that will be on an FHA loan if you have 20% equity in your house. I would recommend a side by side review analysis so you can correctly and responsibly make the most informed and best decision for YOU. If you will can call me 623-340-0934 for your free and no obligation consultation, we can give you a the analysis within a few hours. I look forward talking to you soon. If this is not a convenient time, you may email me to arrange a better time at korene@wjbradley.com or you may call me for fastest response. 623-340-0934. I and my team will be pleased to assist you today!

Nov 2nd 2011
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Dustin McAlister (dmcali_109_270)
#32 ranked lender in Kansas - 40 contributions

Three isn't sufficent information to answer that questions. it depends on if they are rolling the costs in the loan. To answer all the "loan officers" questions the reason they are doing a 15 year fixed FHA versus conventional is because there is no monthly MIP on 15 year fixed FHA loans under 78% loan to value. A credit score of 659 actually gets better pricing on FHA than Conventional and we could pay the upfront 1% MIP for them at that rate for example. Feel free to email for details if you would like us to beat that offer. dmcalister@bncbank.com

Nov 3rd 2011
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