FHA Streamline Refi - Start over on MIP? (loan, loan, lender)

[chacho]

Hi,

I currently have a 15 year FHA loan. This past month I got below the 78% LTV ratio, which as far as I can tell means that my MIP should be automatically dropped any time now.

However, I am looking to refi (4.5% now, have been quoted 2.75% for FHA Streamline Refi). If I refi after my MIP on current loan has been dropped, will the new loan have a monthly MIP? I'm pretty certain there will be an UFMIP, but was told by the lender that there would not be any monthly MIP.

Thanks!

chacho

[warriorfan63]

Originally Posted by chacho

Hi,

I currently have a 15 year FHA loan. This past month I got below the 78% LTV ratio, which as far as I can tell means that my MIP should be automatically dropped any time now.

However, I am looking to refi (4.5% now, have been quoted 2.75% for FHA Streamline Refi). If I refi after my MIP on current loan has been dropped, will the new loan have a monthly MIP? I'm pretty certain there will be an UFMIP, but was told by the lender that there would not be any monthly MIP.

Thanks!

chacho

"SF forward mortgages with amortization terms of 15 years or less,
and a loan-to-value (LTV) ratio of 78 percent or less, remain exempt
from the Annual MIP"

http://portal.hud.gov/hudportal/docu...id=12-04ml.pdf