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  1. All, I just closed on an FHA 203k loan to rehab my primary residence. Total loan amount is $647,000. I got an interest rate of 3.875 and an APR of 4.250 and zero points. I have a credit score of 650-660 and my wife is all above 720. She makes 110 a year and I make 100. My main loan guy told me don't worry about the APR. In 6 months I can do an FHA streamline to get my payments reduced by $511/month (He said that was if we refi at an interest rate of 4%. I am not sure if the MIP is included, I think he said we get a refund from the unused MIP in my current loan (Since I would be refinancing six months after getting the current loan, and the MIP is prepaid for the first few years of the loan) My question is, is it realistic to believe I can do an FHA streamline so soon after getting my current loan? I already had a regular FHA loan to buy the residence, so I have been paying the current loan on time for 3+ years, and these 6 months of payments are already paid so I will have almost 4 years of paying an FHA mortgage on time. Sorry if I sound confused :-) bunyan

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