If you original mortgage is NOT through FHA can you refinance through FHA? If so how do you start? Our home will be 4 yrs old in July. When we had it built we weren't married and it was in his name only. He got 9.9% interest, which was supposedly good in '98. Now with rates so low and my credit scores improving by 200 points, we would like to refinance and add me to the new loan. Is FHA the best route or another? We figured we can keep our payments the same and just drop down to 15 or 20 yrs vs. 30 with the interest rate. I think it showed if we get 6% our payments would remain the same if we financed 15 yrs, which is what we need to do considering his age...lol.
My best friend refinanced last summer and her new loan is an FHA loan. Because of a prior forclosure, her first mortgage on her current home was a high rate conventional loan. She went through a mortgage broker because even with her 40 months of perfect payments, some (prime) lenders were still asking for outrageous fees, points and interest rates. She has about 45% equity in her home but she still has to pay the Mortgage Insurance Premium on this loan. She went from 9.75% to 7.5% plus insurance and taxes. The current payment is less that her prior mortgage alone. Until last summer, I did not know it could be done. I don't have many other details. KK
