Refincing and so confused

[Administrator]

Hi! I really hope someone can help me. I am looking into refinacing my current mortgage and getting some cash out to make home repairs. I guess I just want to make sure all is okay with the offer I got.Our broker said our credit numbers aren't very good so the only loan we qualify for is FHA? Is that correct? Is it normal for FHA to charge a mortgage insurance premium of $837 (rolled into loan) and than have to a monthly rate in the escrow?Is it normal to have 6 months in my escrow?I thought rates where super low so why am I only qualifying for 6.5%Okay, I live in PA, my current mortgage has a pay-off balance of 40,000 and my intrest rate is 7.5% I have 20 years left to pay on a 30 year mortgage. My payment right now including escrow is 581.00.I got an offer of an FHA at 6.5% with closing costs of $2258 and upfront costs of 2304 for escrow and cash out at 11,000 roughly bringing the new loan to 56,662 with a monthly payment about $600. Is this something I should look into to? I am really nervous about the monthly payment and would prefer no more than $550 and would like a better intrest rate, but not sure.Please, any help, suggestions are so greatly appreciated!!!!Jenn


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(Source: mortgagefit.com)