FHA loan refinance to conventional loan?

Based on your numbers, you could refinance to a 95% conventional loan, but why do you want to do this? As you currently have an FHA loan, I would suggest you explore an FHA streamline refinance too. Contact a local licensed mortgage professional and let them explore both options for you.

If your numbers are correct - particularly the value of your condo - then you should be able to refinance to a conventional loan. However, you will be above the 80% loan to value and the lender will require Private Mortgage Insurance. You should check with a mortgage professional in your area. There are several on this site who will be able to give you an accurate evaluation with fees, rates and payment. Good Luck.

The new HARP 2.0 loan is going to be your best shot at getting a good interest rate and since this program doesnt require an appraisal, you will not have to worry about an appraiser having a different opinion on value. My office is located in La Mesa, Ca. We just funded a HARP 2.0 Refinance w/ no appraisal, no point loan at 3.99 on a 30 year fixed conventional. There are no upfront costs, so the numbers you see now will be what you see at the closing table.

Happy new year! Since your equity is less than 20% in your condo if you do refinance it to a conventional loan you do still need to pay for a mortgage insurnace premium or you can do a lender paid mortgage insurnace premium loan in which case your rate will be higher! So in your situation your best choice will be a FHA straem line loan with no appraisal! With that you should be able to lower your rate more than 1% comapre to your current rate and lowering your monthly payment with no apprailsal!I hop it did help! Happy Holidays :) Shab Kavandi Tel: 714-639-6694American Select Funding. Inc.

Yes, you could refinance out of your FHA loan and into a conventional, but based solely on the info you provided, I wouldn't advise it. You are still going to be required to obtain mortgage insurance because you have less than 20% equity. One way or the other, you will be paying it. You may find a lender who will tell you they will pay for it, but don't be fooled. You will pay for it in either fees or interest rate. Keep in mind that one of the perks of an FHA loan is it is assumable when you go to sell, whereas a conventional loan is not. My best advice is to contact a local Mortgage Banker/Broker and discuss with them your reasons for refinancing. After a thorough review of your reasoning and the numbers, you will be convinced to either re-finance, or keep what you have. Either way, the decision will be yours to make with hard data to guide you. Make sure you check out your chosen Mortgage Originator at the National Mortgage Loan System at www.NMLSConsumerAccess.org.