Should I streamline my FHA, go to a 15 year conventional, refi at a 30, or just increase principal payments

An FHA Streamline would be your best option.

Under the current FHA guidelines, if you want to go to 15 years, you will have to income qualify for your new loan if you don't save 5% of your monthly payment or more. This will be real close because 15 year mortgages have reduced mortgage insurance premiums. It's very possible that with a much lower rate, you paying $150 extra, and reduced mortgage insurance, you payment might just be the same your paying now.. And when you go 15 years, nearly 75% of your principal interest payment goes to principal, so you would gain equity much quicker.. so it's definitely worth refinancing even if you only plan to be there for just another 3 to 5 years.. The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

YYou are asking the right questions. Your biggest problem is that if you just missed the FHA cut-off like you indicated, then an FHA streamline now could actually be worse than continuing to do what you are doing now. My advice is to work with a local Mortgage Banker/Broker who can show you in easy terms the pros and cons of all of the options you have. Then you can make an intelligent decision based on the facts for your particular situation. Forget the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination and can properly guide you. Make sure you check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Contact your local lender and have them prepare the different scenarios for you. I would also consider an ARM if you are looking to sell in 3-5 years. You can get a very low adjustable rate. Weigh the pros and cons of each option. Good luck!

i will do an arm 5-7 years. Most people said they will move in 5 years and it send up 7 years. You payment will be lower and you can always pay more in the principle.

Sounds like the FHA streamline is the best way to go.

Because you plan on moving, whatever loan you choose, it should be a no cost option. This will give you a lower rate without adding to principle.

An ARM is an excellent idea. An FHA streamline will cost too much. Since your property is in Virginia, a no cost refinance with an ARM will not be done without incuring costs beyond what the lender can pay.A better choice would be a fifteen year conventional loan could make sense. You could do a no cost refinance where the lender pays your closing costs, the trade off being a slightly higher interest rate. There would be mortgage insurance but due to the rapid paydown of the fifteen year loan. It would be eliminated quickly. I would be happy to prepare some paperwork for your review. I work for Prospect Mortgage LLC here in northern Virginia. My offce is in Woodbridge and I live in Springfield.Feel free to call me at 703-912-9122 or email me at philgoldberg1@gmail.com.Thanks,Phil GoldbergLoan Officer with 15 years Prospect Mortgage LLChome office 703-912-9122philgoldberg1@gamil.com

Go conventional 15 yr fixed and hope you get the zillow value if not PMI will be much cheaper than FHA MI factors..

Give me a call for a final quote over the phone and plan today. As one of the other comments said with your plan to sell you want either have no costs or a rate that will have enough change to overcome any closing costs. Mark 800-485-1387 Extension 107