You could, but not sure why you would want to.. FHA has much higher monthly mortgage insurance. 1.25% vs. .40%, and the upfront fee is also much greater.. 1.75% vs. 1%.. If your USDA home loan is more than a year old, you're probably not even paying mortgage insurance, so any savings you would potentially received would be eaten up by the cost of mortgage insurance.. if you want to know for sure, you should contact a LOCAL mortgage broker and apply with them. Have them do a side by side comparison for a USDA refi, and an FHA refi.. Don't use the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
You sure can. The mortgage insurance will be a lot higher though. Are you wanting to take cash out or something?
You can as a full refinance assuming the property meets FHA guidelines, which it most likely should if it is a Rural Development loan currently. This is not a "streamline" process to convert it, though. I'd be happy to answer more detailed questions for you if you'd like to contact me at 801-918-9385 or brett@homeloansinutah.com.
Yes you can depending on the terms of the loan, loan to value and other factors. However if you have an RD loan currently you would be better off keeping that as the terms are typically better than FHA, especially with regard to monthly mortgage insurance. As others have stated, there isn't a real good reason as to why you would want to do that
Yes, it is possible but it may not be your best option and this is assuming by RD you mean Rural Development.Give me a call or email and we can discuss your situation. I am local and can help you, or at least answer some questions and run some scenarios. My Office is in Union Park and I live in Holladay.My Number is 801-971-6901 and I am working this Saturday so feel free to call me.My email is MortgageLendingPro@gmail.com
I agree with the above posts, but I would consider an RD streamline loan that doesn't require an appraisal (which could be appealing if you're want to lock in a lower interest rate but have lost some value since purchase). I did one recently for someone who had en existing RD loan, and it worked out. Give me a call if you want to discuss: 801-652-7320.
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