I am considering refi of FHA loan originated in June '02 which is currently at 6.875% with Chase. I currently owe $95,000 with house assessed @ $133,000 and area values @ $102,000. I contacted Chase regarding the new streamline refi and was told that they have agreed to participate but that they do not have any information on specifics yet. I also contacted my credit union and was told that if $102,000 value was correct that I would not be eligible for conventional loan refi due to 90% ratio needed vs. 97% with FHA. I was also told by Chase that MIP is scheduled to be removed in Nov 2012 and that I could go ahead and do a streamlined refi but that I would not get the 0.01% up front and 0.55% premium because that doesn't start until June 11, 2012. I am confused on what to do. Should I wait until June and go for FHA refi or pay extra on principle to get below the 90% - 80% and refi with conventional loan? I have good-excellent credit with no late payments and good debt ratio. I plan on staying in house 5+ yrs/or making a rental.