Question by Brian: Educated guesses about when the FHA 30yr fixed rate will drop and how much?
I’m a first time home buyer and I was just preapproved for an FHA loan with a 6.5% rate. Three months ago I was approved for a conventional loan at 6.25%. I’m just wondering when analysists are predicting rates to drop?
Best answer:
Answer by Natalia
not soon the rates are going to go up for the next year unless the government lowers them again
Add your own answer in the comments!
Question by Cat: How can I refinance from FHA to a conventional loan with little or no money down?
Just over 6 months ago, viagra dosage we bought a bank owned property. We’ve put at least 15 grand into fixing it up. I was told that we can switch to conventional with an appraisal that shows our property is worth 20% more as we don’t have cash for closing. Would we not have to pay mortgage insurance if we went conventional and why? I need a little guidance with this. Thanks!
Best answer:
Answer by Me
Join a credit union and work with them.
What do you think? Answer below!
YES YOU WOULD PAY BUT LESS
Hi Cat,
If you refinanced to a conventional loan and your new loan amount is 80% or less of the appraised value you would not be required to pay mortgage insurance. You can always try the FHA streamline refi.