FHA Streamline Refinance from 30 to 15 Year Fixed
I just learned about the new fee reductions on FHA streamline, and I would like to take advantage. However, I also want to move from a 30 year fixed to a 15 year fixed mortgage. Is this possible? I am getting conflicting answers depending on where I look. Some places say no because the payment will not be decreasing, some say yes as long as I get an appraisal.Anybody know? by koalab_411_689 from Beaverton, Oregon. Jun 22nd 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
If you do a streamline refinance and full up qualify with tax returns, 1099's/w2's, pay stubs, you can do the refinance and lower your term to 15 years.. However, I'm not sure that's the best idea.. The new upfront and monthly MI through FHA is dirt cheap, and you won't see a big rate improvement from 30 to 15 years, so it makes sense to do a 30 year, and just pay extra... this way you get the best of both worlds. 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
Cecelia Binetti (cbinet_817_866)
#54 ranked lender in Colorado - 2 contributions
Lane- is correct to reduce your term then you would go witha full credit qualification, otherwise doing a streamline non-credit qualifying you would can not reduce the term.
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