I know similar topics have come on on the forums, but I wanted to lay out my specific situation in order to get some?guidance. ?I currently have an FHA mortgage started in August of 2009 that has a remaining balance roughly $234,000 at 5.25%. Wife and I have good credit with scores that are 760+. ?I had looked into an FHA Streamline refinance a few weeks back that would have been at a rate of 3.625% with the majority of closing costs covered. ?The only issue is as you all know the MIP rates have increased so even at the reduced interest rate the monthly savings was minimal at about $150 as the MIP went from about $105 per month to about $250.
Ultimately at that time I had decided to pursue a conventional refinance through our credit union as my?initial?loan application was?approved. ?Savings would be upwards of $300/month based on the circumstance. ?Fast forward a couple weeks and the appraisal came back at $240,000 which is significantly lower than expected. Credit union has a max LTV of 95% which isn't going to fly as we were hoping to roll a portion of the closing cost into the new loan.
The bottom line question is are there any options for a conventional refinance with a 100% LTV or should we just settle for the Streamline FHA refinance to reduce the interest rate now and see where things go in the future? ?Any insight is appreciated. Thank you.
Source: http://www.zillow.com/advice-thread/100-LTV-Refinance-Options/472256/
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