My goodness, where do I start... Please keep your "You should have the money and live debt free" rhetoric to yourself.

I have attempted to refinance the mortgage on my home and I continue to run into a wall at each turn. I attempted a "FHA Streamline" and my lender does not participate with that program.

I contacted two local banks as well as a national program of lenders. Each time I either do not have enough equity, do not have the out-of-pocket money for closing costs or have been outright denied because my loan is the dreaded catch-phrase....UNDER WATER.

I am not eligible to participate in the federal "Making Homes Affordable" program because I have a Ginnie Mae backed FHA loan, not Fannie or Freddie. I am also current on my loan.

I pay all my bills on time, never been late ONCE. I am not hurting currently, but my wife and I have plans for a family and I just don't see being able to support children in the near term or assisting them with college, etc in the long term.

I am sure there is no magic wand to be waved, but any help would be appreciated.

I am pretty disappointed with the entire banking system and the "support system" that I pay into every paycheck (yeah, the one in D.C.)

Never in my life did I think I would be punished for doing the "right" things. :-[

This would be my business.

You may be underwater, however you should be able to do a streamline FHA with no appraisal.

Your figure will be based on your original purchase price.

PM me with a few more details and I could contact some people in your area.

FHA guides have changed in the past two weeks though-

What this means to you is that they reduced the up front mortgage insurance premium (most likely rolled into your loan amount when you bought) and they increased your monthly rate. Therefore on a 150k mtg if you could refinance down to 4.125% 30yr and save $50 a month- your monthly MI rate will also increase by about $50 leaving little benefit in refinancing. Anyhow- sounds like you have done some leg work on this, but usually there is a way around getting it done. Good luck.