FHA Streamline Refinance

Tips and Deals Forums Home Mortgage FHA Streamline Refinance

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      I am suddenly receiving mail offering me a pre-approved FHA streamline refinance. *

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      I have a 30 year 4.5% fixed rate, and perfect payment history from when the loan originated exactly two years ago. *I currently owe about 92% of the value of the FHA appraisal at loan origination. *

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      I know I have a great rate, but I am also paying MIP. *I calculated that if I could get into a 15 year fixed at 3.5% and eliminate the MIP, then my monhly payment would only be slightly higher than my minimum now. *I normally pay more than the minimum anyway, so the net effect would be an early payoff and over 50 grand in interest saved. *

      Tempting.

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      So, my questions:

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      1. *Is there a credit check for the streamline refi with FHA?

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      2. *Can I reduce the term to 15 years?

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      3. *Can I get rid of the MIP?

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      4. *Can I use my MIP refund to offset closing costs?

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      5. *Is streamline an actual FHA program or just some gimmick that the lenders are using to bait me in?

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      6. *My loan is currently with Wells Fargo. *Is there a reputable lender that anyone here recommends that might minimize closing costs?

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      7. *Is USAA an approved FHA lender?

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      8. *Is there a thread here that addresses all the FHA streamline program in detail?

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      9. How realistic is 3.5% for a 15 year loan? *

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      10. If I can’t do a 15 year, could I lower my rate and eliminate MIP on my 30 year?

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      Lots of questions, I know. *Any help appreciated, thanks!

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