New FHA Mortgage Refi ?

[Melissa17]

I posted a little on the Nest and followed everyone over here.
I have been getting mailings about a new FHA refi program that will essentially grandfather old MPI rates and allow refi at lower interest rates.

I called my lender to get more info, but they said they have no real info until June.

Anyone know more about this yet?

Yes I am impatient

[kzoomaggie]

I know nothing about it, but that would be nice. We have looked at the streamline program for FHA, but it would only save us about $80 a month, because of the new, higher PMI rates. We are going to refi into a conventional loan instead. It makes more sense for us

[thedash]

I talked to a Wells Fargo rep a few months ago who told me the same thing. We're planning to streamline refi and he said we'll save a few hundred per month more if we wait until after June. So, we're waiting. I am impatient to find out the exact terms also.

[melmo1122]

I am going to refinance with the new FHA streamline in June. the new rates are effective June 11th. Here's a good article about it

www.bankrate.com/finance/refinance/fha-streamline-refinance-cheaper.aspx

I looked at going to a conventional but with closing costs involved, I wouldn't really see any savings for a few years. the FHA streamline will save me $250 right away.

[Norticprincess]

We bought a month and a half too late. I want to refi into a 15 with the current rates we'd be close on the monthly payment, but missing out on the drop in mip would increase the payment a bit more than I'd like.

[GibsonGirl128]

June 2009? Fuck me running. I closed in August 2009. This program would help me SO much!

:::sobs in the corner and watches her money flowing down the drain:::