On FHA streamline refinance can you go from 30 year fixed to a 15 year fixed

Hello, You most certainly can. Further, the amount of principal you will be paying down everything month is so much more than if you stick with the 30. The most important thing is to ask yourself if you will always be able to handle the much higher payment. We are local Colorado Lenders connected with 45+ banks and will give you a smooth, low-fee, transaction. Further, our lead processor is an FHA streamline expert. Rates are the best they have been in 4 months so get it done if the numbers make sense! Give us a call at 303-578-9202 or visit the website for more info. Have a great day! -Robert

www.coloradolenders.com

Just to give you a clear answer to your question. With an FHA streamline you can go from a 15 yearr to a 30 year as long as there is still the required 5% monthly PI and Mortgage insurance savings that the FHA requires. That means that you must save at least 5% on your monthly payment. Since most mortgages at 15 yr are going to be at a lower rate than that of a 30 year you are more than likely not going to meet that net tangible benefit.It will all depend on what rate you have on the 15 year mortgage now and what rate you can get on the 30 year. Make sure that if you are going to go forward with this type of refinance that you use an informed lender so that there are no surprises.Good luck.

You can do a streamline refinance from a 30 to a 15 year loan but in order for that loan to still qualify as "streamline" loan guidelines, you have to have atleast a 5% reduction in your total payment still. if you don't have a 5% total reduction in payment..that loan won't be elgible for a streamline refinance and you would then have to do a complete full credit qualifying refinance. Feel free to email or call me if you have any additional questions. Natasha Wall 303-907-9813 or email: natashaw@denvermortgagecompany.com

Everyone seem to have hit the nail on the head. I would call the two Colorado lenders here then choose one and get things moving before the rates really start going up.

Yes you can but it never works out that way. There always has to benefit when doing a streamline when you increasing the payment. You will have qualify with your income to switch to a 15 yr loan. St.Marks

To clarify.....going from a 30 year to a 15 year....there must be the 5% savings on a monthly basis with the Streamline.

Sure can, if that payment works for you and you meet the FHA requirements for min monthly savings. The rate is a bit lower, but make sure you are absolutely positive the payment is something that will always work for you. The other option is to take the 30 year loan and make double payments as long as you can, then if something changes you aren't locked into the higher payment. - good luck!

Yes, it can be a great move. And, it's usually easier than the normal paper chase involved in a Refinance. Also, if your loan was closed before June of 09 you can keep your lower MIP rate. Lots of possibilities. If I can help, let me know.Mark

Yes, you can refinance from a 30 to a 15 but you need to have a 5% reduction in payment. You may want to consider refinancing into a 30-year fixed loan, then set up your payments as if it was a for a 15-year payoff. You can set this up with the lender or you can set this up on your own. If you would like to get an amortization schedule or review your payment options give me a call at 303-521-7169 or email loanofficerseanyoung@gmail.com, best wishes,