Are there any cons to a fha streamline refi?

Not enough info to properly advise you.. but in general, FHA's streamline refi's are one of the easiest programs to qualify for. The down side is mortgage insurance.. FHA has the highest MI of any loan product.. but depending on when your current FHA loan was originated, you might qualify for a reduced upfront and monthly MI. If you have 20% equity or more, and you can provide all the necessary supporting documentation required by the lender, you might want to consider a conventional loan where no MI would be required.. the rate would be slightly higher, however the overall payment would be lower if your not paying mortgage insurance.. .. 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

Only if you have some equity in your home. Since the streamline program allows the borrower to refinance without requiring an appraisal, it has been a Godsend to many borrowers who are underwater. However, if you are not underwater, you should look at the conventional program as well. Ron MiltonDirectorMBA Mortgage

Ron is exactly correct, if you have sufficient equity in your home (at least 5%) it will make sense to at least consider a conventional loan as well.

If your last mortgage was on or before May 31, 2009 the monthly MIP is .55% compared to 1.30% and there is virtually on upfront MIP. Conventional could be an option but necessarily the best option. YOU MUST DO YOUR MATH to see which would be the best for you. Your loan officer should be able to help you.

Maybe... But we don't have enough information... Are you underwater? What would an appraisal say? When was your loan taken out? How does all this effect possible mortgage insurance? Contact a local mortgage broker in your area. Give them all your information, and they can quickly help you answer that question. In MN or WI, visit www.streamline-refinance-mn.com

Hi it all depends on the score and debt to income levels and the value of your home so need more detailed info to help you please call me Rob Oliveira Province Mortgage 508 802 0935