FHA MIP increase wipes out any benefit of lower rate - any options?

[sigamy]

Hello,

I'm in a 30 year fixed FHA mortgage that closed in Aug 2009. My FHA case number or commitment (I think) was done in Sept 2009. So, I believe this means I miss out on the June 1 2009 MIP reductions. That means that any refi would be subject to the new, much higher MIP and would wipe out any savings I'd see from my current 5.5% rate.

Do I have any options?

Original purchase price was $600k, put 10% down. House is worth maybe $550k now.

[ashley_s]

What county are you in? With 10% equity you may be able to do a high balance conventional refinance and buy out the pmi at closing with a lender credit to get the most savings per month.

I do a lot of PMI buyouts from FHA to conventional for my clients especially with this nice increase we have seen in prices lately.