fha refinance?

Does anyone know if I can do a conventional refinance with an fha mortgage? We have the equity and credit to do so, but have heard this is something that cannot be done.

After googling, I've found tons of stuff on doing the opposite (refinancing into an fha loan), but not what I'd like.

Thanks!

Re: fha refinance?

I think so, but I will confirm later. You do need a great credit score 720 and higher average between the 3 reporting agencies. Also, you should have a minimum of 20% equity, the more the better.

Arthur

Re: fha refinance?

Yes! We're in the process of doing it now. We're streamlining our FHA loan to a conventional loan to get rid of the MIP payment. You have to have a good credit score and your house has to appraise at 20% above what you are refinancing for (or something along those lines).

Also, depending on the financial situation you are in and the reason behind the refinance, you can take years off your loan. For instance, we're not taking money out of the refinance, but we're getting a lower rate and paying a tiny bit more than what we pay now. We dropped our mortgage down to 20 years. Plus, we pay it bi-weekly (meaning we send half a payment in the beginnig of the month, the other half the middle of the month) so that takes another 7 years (approx) off the loan.

Re: fha refinance?

Thank you!! We do have very good credit, and definitely have 20% more in equity than what we currently owe, if not more. I don't think we'd want to take any money out, but we want to get rid of the PMI. If we could shorten our loan life for little more than what we pay now, that would be ideal.

Thanks again!

Re: fha refinance?

If you dont mind what is your current rate?

Re: fha refinance?

yes you absolutely can! I read your post wrong at first. No problem.

If you would like give me a call or mail me and ask me any questions that you would like. If you dont use me I will point you in the right direction!

Thanks and good luck!

Thomas Lupski
PSP Home Funding Solution
631-787-8534