Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 1 decade ago

****Conventional Loan To FHA Loan*****?

Can you refinance a conventional loan to a FHA loan?

Thank You

4 Answers

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  • 1 decade ago
    Best Answer

    Yes you can but no one ever does because the closing costs are higher and better interest rates can be had on non-government insured loans.

  • Anonymous
    1 decade ago

    Yes you can.

    Now is a good time to do that IF your loan amount was previously higher than the old conforming loan limits. FHA has now raised the minimum limits depending on your area.

    Also, qualifying can be easier for some people.

    You can check your new loan limits at

    https://entp.hud.gov/idapp/html/hicostlook.cfm?CFI...

    Just have a qualified Mortgage Advisor run the numbers to see if it would make sense.

    FHA does require an upfront MI escrow and mortgage insurance.

    Good Luck

    Source(s): Your Mortgage Man Direct Lender and FHA Direct Endorser
  • Anonymous
    1 decade ago

    Great post! I completely understand your question. Money is hard for a lot of people right now since the enconomy is going down. My friend told me about this website of an organization that gives people up to $1500 towards their rent or mortgage. It's available in most areas, so I think you should check it out.

    http://www.ffrumster.com

    Hope this helps!

  • 1 decade ago

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