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Refinancing out of FHa early possible?

I want to remove my mortgage insurance if I can but I am only at ~85% ltv right now. great credit but husband lwas laid off last month and going back to school so now my goal is really just to get any payments down possible by jimallred78623920 from Overland Park, Kansas. Jan 29th 2015 Reply


Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,250 contributions

when did you take out your loan? RULES have changed on the mortgage insurance ..,how much is your payoff?? linda yourloanpartnerforlife@live.com what do you do for a living ??

Jan 29th 2015
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Mike Towler (mortgagemiket)
#40 ranked lender in Missouri - 26 contributions

I would be happy to discuss your options with you. Sounds like you have a few things that will factor into your options so a phone discussion would probably be best.Mike 816-778-7023

Jan 29th 2015
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Ben Chai (bchai777@gmail.com)
#28 ranked lender in Missouri - 16 contributions

The monthly PMI recently reduced. You could potentially see payment savings from lowering your rate, lowering your monthly PMI obligation, and extending your term. If you would like a quick chat at no cost or obligation feel free to call me. I work for a Federally Chartered Savings Bank licensed in all 50 states. We have been serving the KC market now for 87 years. 866-627-2788 -Ben

Jan 29th 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

Its possible but now that your husband isn't working, may cause some difficulty, does your income alone support all the debt including the mortgage?

Jan 29th 2015
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hi there, you could run into a few hurdles with you husband losing his job...bit it doesn't mean there aren't options. I see you are in OP, my office is located in Corporate Woods and I would be happy to meet with you or answer any questions over the phone. Let me know if I can help any further! Thanks, Chris Lockard Sr. Mortgage Banker LeaderOne Financial Corp. NMLS: 236366. 913-227-4878

Jan 29th 2015
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Korwin Wall (Korwin Wall)
#3 ranked lender in Kansas - 31 contributions

If your income can meet the debt to income rules you can refinance to a conventional 30 year loan in the mid 3%'s and you would reduce the mortgage insurance by about 1/2 percent.If that loan does not work you could do a streamline FHA refinance with rates in the 3's and the mortgage insurance would be .80If you need help I am in Topeka, 785-273-5004 or kdwall@kdwallstreet.Korwin D. Wall CPA

Jan 29th 2015
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Sara Deere (SARAinMO)
#1 ranked lender in Kansas - 501 contributions

I agree with a couple of the previous answer's submitted. If your current income supports the bills and certain factor's involved with your husband going back to school, then you need to move as quick as possible while rates are still low. Open Mortgage is a full service residential office located in the Briarcliff area. You can contact me directly at 816-268-5931.

Jan 29th 2015
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

You could request a loan modification.

Jan 29th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

Hello OP, grew up in south KC myself - lots of friends still in your area. You may be able to do a streamline FHA and reduce the monthly mort Ins but they would need to confirm continuing employment. Another option is to refi to a conventional loan and "finance" the remaining PMI which would reduce your monthly payment. However, you still need to show enough income to qualify for the payment and all other debt.

Jan 29th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

More info would be needed.. but in general, you can refinance FHA to FHA after 6 months.. you can refi FHA to any other loan product at anytime.. If your husband is not working, then to qualify, you would need to make sufficient income to service all the debt and still be within the industry standard debt to income ratio.. with 85% LTV, you will still have a very small MI policy that can be removed after 2 years, and when you have 20% or more equity, and you wont have to refinance to get it removed. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 29th 2015
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