Does doing a FHA streamline still make sense?

It depends on your current rate and also on the term of the
loan. With the FHA monthly mortgage insurance, it may not make sense to do a
30yr to 30yr streamline. The current monthly MI is 1.15% of the loan amount (if
it is above 95% and 1.10% if the loan to value is under 95%). That changed on
04/17/2011.

You should look at a 15yr FHA. Yes, the shorter amortization
can cause a higher payment, but the MI is much lower than on the 30yr fix.
Above 90% loan to value the MI is .50%, between 78%-90% loan to value it is
.25% and under 78% loan to value it is zero. With the reduced the MI, the
overall payment may not be as high as you think, when trying to do a FHA streamline.

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