Refinance to lower FHA mortgage insurance NOT at 80% ltv

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.

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.

Difficult, if over 80 LTV.

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

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.

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

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.

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

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.