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Jan
Can a conventional home mortgage loan be refinanced using FHA?
Author: admin // Category: mortgage loanI know that if a person already has an FHA loan, they may refinance using the FHA Streamline process. If a person currently has a conventional mortgage loan, can they refinance using FHA? If posible, can you please provide me the resource where I can read this information. Only if that’s not to much trouble. I looked on the HUD website but locating that particular information was far to cumbersome. Thank you
yes you can but the correct answer is…you can financing a FHA mortgage, but ONLY up to 95% loan to value for refi’s cashouts, and it depends on the COUNTY limits…not the state limits. They have county limits….not state limits.
Streamline FHA refinance is for those who dont plan on taking money out, but those who just want a lower rate.
January 28th, 2013 at 4:01 am
Yes you can as long as you are within the FHA maximum loan limits for your state.
Pres. Bush is going to try and raise the FHA loan limit to I think around $416,000.00
but not at this moment.
The HUD web site is a great web site, you just aren’t use to using it.
If you dedicate say 30 to 45 minutes on that site, you’ll more than likely find out a lot of information you’ll need to know any like did you know you’ll have an FHA MIP factor (based on several things) added to your loan amount? If you aren’t refinancing a Condo, you’ll have to pay monthly MIP premiums. It stands for Mortgage Insurance Premium. FHA insures the loan, in case of default.
So if you really can’t use that web site, call around and find a Mortgage Loan Officer who is knowledgeable in this field to answer your questions.
If you find some information on the FHA website, make some notes for yourself, if the loan officer can not answer your questions, tell them thanks but no thanks and move on to another Loan Officer who really knows their stuff on Mortgages and FHA loans. Today a lot of loan officers know nothing about them about so many people have been put into Conventional
ARM’s, or other bad financing options, so if you can find one that’s been in the business for 10 years or longer, you’ll have better luck.
good luck too you.
References :
January 28th, 2013 at 4:40 am
yes you can but the correct answer is…you can financing a FHA mortgage, but ONLY up to 95% loan to value for refi’s cashouts, and it depends on the COUNTY limits…not the state limits. They have county limits….not state limits.
Streamline FHA refinance is for those who dont plan on taking money out, but those who just want a lower rate.
References :
http://freshmortgagerates.com
January 28th, 2013 at 5:19 am
You post your profile on this webiste and then lenders come to you. I recommend trying
http://www.creditloansonline.com
References :
January 28th, 2013 at 5:34 am
Hi Kevin,
I think you’ll find some useful information on this site:
http://www.fha.gov/owner/process.cfm
Depending upon which state you’re in, I am a licensed FHA lender and could assist you further with your inquiry and answer any questions you may have directly.
Feel free to contact me and visit my website at:
http://www.MortgageMetropolis.com
References :
http://www.MortgageMetropolis.com
http://www.fha.gov/owner/process.cfm