Any true zero closing cost FHA refinance options out there?

[Hmbre97]

I always get junk mail about zero closing cost FHA refinancing but haven't followed up on it as I always took it as BS. No one is going to do this shit for free. I know we have some bankers on the board so is there truly a way to refinance an FHA loan with little or no closing costs?

[SVT Lurch]

There's always a cost. Your current servicer may offer a no cost option but you're not going to get the best rate available. If you get the best rate you're going to have to pay closing costs. You could roll them into the loan so there's no cost out of pocket, but you're increasing the principal balance so your payment is slightly higher.

[gearhead78]

I did mine with Texaslending.com

It was all donewith phone calls and on line and I closed a my kitchen table. It was a very simple process and as cheap as anyone I shopped around with.

[Fastlane]

I did a FHA loan about 6 years ago through my builder. It wasn't truely a zero cost...I had to put $1000 down as deposit but I received back a check for $998.50 when I closed. I got a decent rate too, 4.375%.

[fordracing19]

Is there any loans where I won't have to pay pmi? Buying a second home and only have ~13% down.

Sent from my iPhone killer!

[BP]

Is there any loans where I won't have to pay pmi? Buying a second home and only have ~13% down.

Sent from my iPhone killer!

Not with 13% down but FHA PMIs are a whole lot cheaper than conventional. Mine went from $122 a month to $39.

[SVT Lurch]

Just because you didn't pay costs outright doesn't mean they weren't rolled into the price of the home or the rate. Those were very common tricks a few years ago to get people in the door.

Is there any loans where I won't have to pay pmi? Buying a second home and only have ~13% down.

Sent from my iPhone killer!

You can do a 2nd lien, but without 20% down you will have to have either mortgage insurance or a 2nd lien on a conventional loan.

Not with 13% down but FHA PMIs are a whole lot cheaper than conventional. Mine went from $122 a month to $39.

Not any more. Conventional MI is around 0.68%/month on a 5% down transaction, while FHA is now 1.15%/month (up from 0.9% and 0.55% before that all in the last year) on a 30 year note. A 15 year is slightly better (.5 vs. .62), but you still pay 1% upfront on FHA, so depending on how long you plan to be in the house it may still be better to conventional. Also, HUD does not allow FHA financing on 2nd homes.