Can I do an FHA streamline refinance to change my 30-year FRM to 15-year?

You can do this, but FHA Streamline guidelines require your monthly savings to be 5% of your current monthly payment. So take your current Principal, Interest, and MIP (mortgage ins. premium) add them together, multiply by 5% - that's the amount your monthly payment must drop by.

Yes.. You can refinance into a 15 year mortgage.. But there are two key issues that could play in... One is regarding the payment savings. Under the current rules, you must save 5% of your total principal, interest, and monthly mortgage insurance premium payment. So for example, if your PIMI payment is $1000 per month and after the refinance your new PIMI payment is $950, then you can do the Streamline. This test has to work even if you're doing a 30 to 15 year mortgage. Since your reducing the years, it's more likely that your payment will go up. This is not a problem, however the lender will make you "Qualify" for the new payment.. You will have to provide tax returns for 2 years, w2's and/or 1099's and pay stubs.. if your ratios are all in line with the new higher payment, then it will be allowed, and you still wouldn't need an appraisal. 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. 480-287-5714 WilliamAcres.com

I respectfully disagree with my cohorts in this forum. The correct answer is yes you can do it WITHOUT 5% savings. The only other factor is that your new payment cannot increase more than 20% from your current payment. If your new payment increase more than 20%, you will have to move to a full credit qualifying FHA Refinance. I am a direct FHA lender located in Union, NJ. Contact me if you need any assistance getting your refinance completed. Pbotros@OmegaLoans.Net , 908 933 0253(office) , 347 231 4444(cell)

yes as long as it meets the 5% rule. Sincerely,Mona Hulteen, Sr. Mortgage Advisor, Advisors Mortgage Group LLC732-233-9436 cell phone 7 days a week