how much equity do i need ti streamline my fha loan

FHA streamline refinances do not require an appraisal. No equity is required, that's the benefit of the streamline. However, if you DO have some equity (like 5% or more), consider a conventional loan instead. FHA has increased their up-front and monthly MIP and is now considered a pricey loan compared to a conventional with PMI. Also, FHA MIP now stays in place for the life of your loan in most cases - with no option for removing it. You would need an appraisal if you went the conventional route, though.

BarbLanis nailed it! Definitely worth considering the conventional route if you have that 5% equity. Keep in mind, there will be a minimum on credit score requirements that are often times higher on conventional vs. FHA.

No equity is required for most lenders.. keep in mind that FHA guidelines say no appraisal is necessary, however FHA does not lend money, they only insure loans against default.. the lender, or those with the $$, will often times have their own guidelines, and it's these additional guidelines that may require an appraisal, however the majority of lenders will not require one.. .. 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

You don't equity as the original recorded appraised amount of the current loan is the the determining valuation of the home AND if you obtained the loan before June 1st, 2009 you will have minimal Mortgage Insurance, if any at all.

As noted by others, no equity necessary, and if your last deeded activity was prior to July 1, 2009, you won't have high PMI rates either.Talk to a local, licensed mortgage professional to get further details.

Pay particular attention to the last comment made about the date your current FHA loan was created. If it was before that date then an FHA streamline is going to be the best deal.

None! See other postings.

There are many options available, and it can be very confusing looking at all the answers from some very good Loan Officers here on this system, but if you want to talk to me face to face, I am in your area and we can get together to discuss your options. Look for me at www.CallTheMoneyMan.com or give me a call at 314-744-7806.

Most of what everyone is saying is correct However, there is a couple of minor corrections. If you your last mortgage was endorsed by FHA on or before May 31, 2009, not closed by but endorsed by May 31, 2009, you will get to retain your original MIP factors and there is virtually no upfront MIP, .01%. I had loan that closed May 15, 2009 but didn't get endorsed by FHA until July 10th and it did not qualify. If it was endorsed by FHA after May13, 2009 you may want to consider BarbLanis option.