Financing in Charleston>Question Details

Cacrazy14, Home Owner in Charleston, SC

I am going to refinance my FHA mortgage with a streamline fha - should I get a second loan so I can avoid paying PMI? < 1K equity and it's

Asked by Cacrazy14, Charleston, SC Thu Sep 1, 2011


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IF you can afford a 15 year payment on an FHA, there is no mortgage insurance on a refinance streamline or otherwise.

Daniel Klein
0 votes Thank Flag Link Tue Nov 13, 2012
Daniel, with FHA mortgages on 15-year terms there must at least 22% equity in order to avoid the monthly mortgage insurance premiums that it charges.
Flag Tue Nov 13, 2012
FHA always has mortgage insurance.
0 votes Thank Flag Link Sat Sep 24, 2011
If you want some good local mortgage and refinancing advice I would contact Zach Larichiuta with Carolina One Mortgage (843) 469-9010. He is the most knowledgeable lender I have come across in the Charleston area and if he can't help you he will get you in touch with someone who can.
Let me know if I can help you with anything as well.


Josh Brinson
0 votes Thank Flag Link Sat Sep 24, 2011
It's tough to find 2nd mortgages on non-owner occupied properties, it's tough to find 2nd mortgages up to 100% of your home's value, to find a combination of both is near impossible in my opinion. When credit was at it's easiest, when income wasn't verified, etc. we saw 2nd mortgages on non-owner occupied properties to 100% of the home's value - but since then they dwindled down to about 50-70% of the home's value.

Unless you have the funds to bring in at closing, and take out a refinance for 75% of the home's value... if you are at about 99% of your home's value and you have an FHA mortgage, then a streamline FHA refinance is probably going to be one of the best refinance options, if not the best.

For others who are reading, it is possible to refinance a non-owner occupied loan which already has an FHA mortgage into a new FHA mortgage, certain guidelines apply.
0 votes Thank Flag Link Fri Sep 2, 2011
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