FHA to VA Loan Refinance options???

Hello, I am the Branch Manager of a Federal Savings Bank Licensed in all 50 states and am located local to Warwick (Seekonk M.A.) From what you are describing so far it seems like you would be a good candidate for a Veterans (V.A.) Loan which we specialize in. This would provide you with a very low rate compared to most traditional loans. It also would eliminate you monthly PMI. We also have low to no closing cost options on VA loans as well. If you would like to discuss some more, please feel free to reach me directly @ (866) 640-5513. E-Mail is: jarred@betterfinancing.net Look forward to helping! Sincerely, Jarred Minieri

Well... you left out a lot of information to properly answer your question, but in general, if your FHA loan was initiated prior to May 2009, l(which it appears it was), then you would qualify for the "Lower MIP & UFMIP" currently offered by FHA.. Your upfront premium would be $179, where if you go VA then its 2.15% or $3,850. With FHA or VA, most lenders will only do 15 or 30 year mortgages.. since you've already been paying for 5 years, then you either go out to a new 30 year, extending your payoff period 5 years, or you go 15 years, decreasing your payoff period by 10 years, but probably with a higher payment. VA is a good option if you're looking to purchase, since you can do it with zero down.. However converting an FHA to VA is probably not in your best interest.. FHA pricing is usually lower than VA, so even though you pay MI on FHA, it still might be the better way to go.. But without knowing your complete scenario, it hard for me to tell.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide 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

There is more info needed but we can definitely help, give us a call to go over your options.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation. Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com We are also proud Homes for Heroes affiliates

Contact a lender on this forum that is licensed in CT.

Rates are very low now so you can negotiate a very low rate with credit from broker to cover all your 3rd party closing cost. Good Luck

VA is better. Lower funding costs. Contact me for more information: Jim Mazzola 732-501-4249

VA is better. Lower costs. Contact me for more information: Jim Mazzola 732-501-4249

The VA loan has no monthly mortgage insurance.... So as long as you expect the new loan to be 90% or less of the appraisal, VA is the way to go. Your numbers appear to be higher than 90%, but contact a local mortgage broker with but FHA and VA experience to go over your personal situation. In MN or WI, visit www.VA-IRRRL-Loan-MN.com

VA is NOT an Option unless you are a Veteran with a Certificate of Eligibility available. If that was the case, you would have likely used the VA a few years ago and not FHA as it would have made much more sense as it eliminates the need for MI and the rates would have been about the same. Also, there would have been the 100% option. With that said, you are not in an Equity Position at this point to consolidate debt, but what you could do would be to lower your rate into the 3% range with a FHA Streamline Refinance. If your loan to be paid off was Endorsed by the FHA for Mortgage Insurance prior to May 31, 2009, you have a great opportunity to save! Your Mortgage Insurance would be less than what you are paying now and the rate would be much better. If you would like to talk more about this, please let me know as I am working all weekend. You can send me a direct message through this website and we can talk further. I wish you good luck and hope to hear from you soon!

Hi lfuegm,What you need is a lender like myself that has the ability to do a VA cash out refinance to 100% of your home's appraised value. Most lenders are maxed at 90% but I'm saving my clients a lot of money by being able to consolidate more of their debt because I can go to 100%. With VA fixed rates as low as 3.25% it makes sense ti wrap as much of your debt into a mortgage as possible so take advantage of it while you can.Please feel free to contact me for more information or help.John BurkeSenior Mortgage BankerPeoples Bank & Trust Co.Phone (877)228-9069Fax (877)700-1283http://www.valoansdoneright.comjburke@valoansdoneright.comJohn BurkeSenior Mortgage BankerPeoples Bank & Trust Co.Phone (877)228-9069Fax (877)700-1283http://www.valoansdoneright.comjburke@valoansdoneright.com