You've got one problem, you're not eligible for a streamlined refi since you're removing a borrower from the current loan.
FHA and HUD have nothing to do with the closing costs outside of the lower upfront mortgage insurance.
3K in closing costs does seem a little high based on the rate. Another thing you'll want to consider is how long it will take Wells Fargo to get your loan closed.
You should give me a call. I am a Tier 1 wholesale broker with Wells Fargo and I can offer the the exact same interest rate or lower with zero closing costs and I would use Wells Fargo for your streamline refinance. I use Wells Fargo almost exclusively and their retail department cannot compete with my wholesale pricing.
My closing costs would be at least a few hundred dollars less than Wells Fargo retail but I am able to give you a 3% lender credit so that would allow me to offer you an even lower rate and pay all of that $3000. Plus I would keep your loan with Wells Fargo.
I do this all the time. I'm local too so if you like please call or email me. Essentially I will get you a lower rate with zero out of pocket closing costs. I can also get you closed in about one month as compared to over 60 days on the retail side. The other great benefit my clients receive is a free one time no cost float down. So if rates drop any further after locking your loan I can float you down at no cost.
If you give me a call or email me I can send you a GFE showing the exact fees of the the Wells Fargo Streamline refinance.
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
firstname.lastname@example.org | http://www.AustinListed.com
HUD No. 12-045 just lowers the mortgage insurance.
Beginning June 11, 2012, FHA will lower its Upfront Mortgage Insurance Premium (UFMIP) to just .01 percent and reduce its annual premium to .55 percent for certain FHA borrowers.
Maybe you need a new lender. One that can explain stuff like this.
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134