Can a conventional home mortgage loan be refinanced using FHA?

search for suitable commercial loan financing for your business

article by Eve Achilleos

For more informaiton please visit here …
Question by : How long do you need to be in your house to be able to refinance an FHA mortgage?
I’ve been in my house for 2 months and the interest rates are now 1% lower than what I have. I would only refi for a lower interest rate, cialis 40mg not to pay off debt. Is this possible and does it make sense?

Best answer:

Answer by chatsplas
6 to 12 months
Loan Modification would be cheaper
There are costs to a refi, ask and you need significant time just to break even on the costs
Extra principal payments during first 7 years of ownership have a HUGE impact on the amount of interest you pay, pharmacy whether you’re paying $ 25 extra every month, or $ 1000 at yearend from bonus, or a $ 100 here and there. Making two monthly payments is a good thing too. Right now you’re paying interest, interest, interest, taxes, insurance and principal, so every bit of extra principal you pay reduces the amount of interest you pay for the next payment and for the life of the loan.

Know better? Leave your own answer in the comments!
Question by KEVIN Z: Can a conventional home mortgage loan be refinanced using FHA?
I know that if a person already has an FHA loan, tadalafil 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

Best answer:

Answer by Katie
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.

What do you think? Answer below!