Streamline FHA Refi advice

3 Replies

My house is currently worth ~155k. I owe about 156k on it. I do currently pay mortgage insurance ($70/month). Current payment is $1060/month (4.5% on the loan). A streamline refi would allow me to drop my payment to about $900 month, but would still pay mortgage insurance (Included in the $900/month). They want me to bring $2300 to close, but wouldn't make a payment for two months. I see a lot of "no money to close, no money down" FHA streamline offers. Does the $2300 seem reasonable, Could another loan officer possibly put together the same refi for less or for no money down? Any information would be greatly appreciated.

Alex you do not get something for nothing ,either you can go with your current plan or opt to roll the closing costs into the loan at a higher interest rate I dont know your credit score but the rate does seem high ,have you shopped around 

Hi @Alex Cordero ,

FHA Streamline Refinances are kind of "no thinking or creativity allowed" transactions. We don't have a lot of leeway in terms of how to structure them, a little worksheet basically does everything and that's that.

Ah ok, thanks for the reply and the information. I just wasn't sure if there could possibly be a big difference between going through someone else who would have me bring less to the table at closing. 

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