Should you refinance into a 15 year fixed with FHA?

Posted on December 21, 2011 by Ray Williams (NMLS #216267).

There may be a reason to use FHA for a 15 year fixed refinance when you have more than 22% equity at the time you refinance. While there would be a 1% one time fee to HUD paid(financed) at closing. The likelihood is that your interest rate could wind up lower than even a conventional 15 year fixed rate, if you would like to apply go ahead and fill out an application and I will get back to you. ~ Ray

The chart below is effective for case numbers assigned on or after April 18, 2011 for forward mortgage amortization terms. Mortgage Insurance Premiums

Loan Terms < / = 15 years and loan to value ≤ 78.00 percent

Upfront mortgage insurance = 1.00%

Annual mortgage insurance = None

Loan to value 78.01 percent – 90.00 percent

Annual mortgage insurance = 25 bps

Loan to value > 90.00 percent

Annual mortgage insurance = 50 bps

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