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Would I be able to do a Streamline FHA Refinance to eliminate MIP?

by gordon.sp86 from Scranton, South Carolina. Nov 17th 2015 Reply


Michael Rappaport (mrappaport@unitedmortgage.com)
#56 ranked lender in South Carolina - 8 contributions

No. If you have insurance then you'll have to have it again. If you have determined the equity we can possibly refi to conventional with no mortgage insurance

Nov 17th 2015
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Fha to fha = mi and mi. You would have to refinance to a conventional to eliminate mortgage insurance or a 15 year term.

Nov 17th 2015
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Randy Brown (rbrownmtg)
#30 ranked lender in South Carolina - 6 contributions

Depending on when you closed on your original mortgage you might qualify for a reduced rate of MI vs. what you're paying now. Otherwise your best bet remains to look at a conventional loan if your loan to value ratios are at, below or near 80%. There are also conventional loans with no monthly MI though sometimes at an incrementally higher rate.

Nov 17th 2015
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Todd Glassman (Todd Glassman)
#1 ranked lender in South Carolina - 110 contributions

No but if you have 20% equity in your home you can do a conventional refinance loan. We are in South Carolina if you have any questions feel free to call us at 864-438-4550

Nov 18th 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

You will not remove the MIP on any FHA refinance. You may reduce it depending on when you closed your first loan.

Nov 18th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,795 contributions

NO.. All FHA loans have MIP.. as well as an upfront MI premium... If you want to get rid of MIP then you should consider refinancing into a conventional loan.. it wont be a streamline so you will have to provide tax returns, w2's and bank statements, as well as pay for an appraisal, but if it can eliminate MI it could be worth it.. 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 NMLS# 226347

Nov 18th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

Unfortunately the answer is no. To eliminate mortgage insurance you will need to see if it's possible to refinance into a conventional loan. You need to speak with a local loan officer or two and see what your available options are to refinance.

Nov 21st 2015
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