I need someone who will answer the phone when I call and call me back when they say they will.  I'm finding nothing but flakes lately.  Can anyone recommend someone who can do and FHA refi in California?  And while I'm at it, what is the going rate for an FHA refi with no points?

I can do an FHA refinance for you in CA.  Is the purpose of your refinance for rate reduction? Also, do you want any cash-out?  The going rate is hovering around 5.25% with 1% Origination and Zero Discount.  5.5% for Zero Origination and Zero Discount.

Sincerely,

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Need a little more info Nathan.  What is your current loan balance?  Rate? When did you originally get this loan?  And a few other things would be needed before a meaningful quote could be given.  There are a lot of good lenders on this site.  I would call a few (of course myself included) and get a feel for who could help you best.

You could visit the Directory here and find a professional in Cali.

This is somewhat related to my question last week which I don't think got a response....On an FHA streamline refinance is there any savings or reason to stay with the same lender? But in looking at the rates above, Chase might be in the ballpark.  

Your current lender may be able to transfer your escrow account.  Other than that, no significant benefits.

I got the original loan in July for $236,000 @ 6.875.  Refi'd about two months ago @ 5.5% w/ zero points, but added the new MIP prepaids to the principal balance, bringing it to just under $240,000.  I'm interested in doing it again if I can get 4.5% w/ zero points.  But from what I have heard, we are not quite to that point yet.  Is that correct?  FYI, my credit score is not great from my young and stupid college days, about 610 mid score, which is the main reason for going FHA in the first place.

You're probably not going to get anything better than you have right now, especially with your credit score. I'd just concentrate on improving your credit for the future. Good luck.

FYI If your looking to increase your credit score so you can qualify for better rates, I have programs that can raise them up a 100points or more in 45 days.

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Nathan, Nathan, Nathan, although I don't have any real info to go on, you are moving to fast for your own good.  Although 5.5% is a good interest rate to have now, the total closing cost of a new loan exceeds your potential saving in the short, mid, and long range for you. Thus you are paying MIP.  Don’t buy into the refinance hype…you need to wait a while before you do anything. 

If it saves me $150 a month with no out of pocket expenses and adds maybe two months to my mortgage, how can it cost me more in the short, medium, or long term? I'm aware that I'm adding new MIP, however, I get refunded close to 80% of the previously paid MIP based on the pro-rating schedule.

We have quite a way to go for you to be able to get 4.5% with no origination or discount points.

How about now?  Looks lie there may have been some improvements.  How's 4.5 with zero points looking?  And how about one point?

For zero points, you won't be able to get any better than 5%.  Plus with your credit score, you will only be able to go with a few select lenders, and their rates may not be that good.  You've got to have a 620 with most lenders in order to do a Streamline, and they're usually the ones with the best rates.  There's still going to be closing costs, even without the point origination, so your principal will continue to rise.  If you're planning on staying in the home for a long time, say more than 5 years, than it may still make sense to do it, but I don't think rates will get much lower than they are now.  As Ken said, we've got a LONG way to go before you'd be able to do 4.5% with zero points.

Based off the rates I have today, I believe that you could get a 4.5% with 1 point orig for a streamline refi. You can check the directory to find someone local or respond to one of these people in the forums. I wish I could help, but I do not lend in Cali.

Oh, and for a point you would still be at 4.75% - 4.875% depending on the lender.

If you want no points - you would be looking at 4.75-4.875. With your FICO score, you will need to go with a lender that will take a mortgage only credit report or take a sub 620 credit score. I hear that a lot of lenders (including my company) went to a minimum FICO of 620 - you may have refi'd before the guideline changes (mine started March 2).

With all the closing costs, it may not be worth your while to refi. Yes, you will get a refund of 74-78% from your last MIP (depending on the month you close and when you last refi'd) the the remainder will be rolled into the loan and then there is the additional settlement costs. If you plan on being in the home a long time, it may be worth your while. Do a simple 'break-even' calculation and compare how many months you plan on staing in that home vs. months it will take to re-coup the new closing costs.

Did the FHA guidelines recently change?  Last I heard you could do a "no cash out" streamline without an appraisal but now I'm being told that an appraisal is required.  Is this correct?

You should be able to do a streamline w/o an appraisal.  Your new base loan amount is limited to your previous total loan amount, so you may have to bring cash to close.

Nathan, Kent is right, you should be able to refi without an appraisal. The bank that I work for did change guidelines back on March 2 and again on April 1st for FHA loans. The major changes were 85% LTV for cashout and a minimum FICO of 620 for all FHA products.

Kent, I thought that your last base plus your new MIP would be your new loan amount for a FHA streamline.