Our home value has dropped since we bought it, and we want out of FHA. How do we accomplish this?

Couple ways but not easy ones. You would need to have the cash to cover what you need in equity to meet Conventional guidelines, sell the house, or hope an appraiser gives you enough equity to allow for going conventional. There may be other options but would need to have a full profile to be able to see what those options would be.

Your best bet would be to sit down with a lender and discuss the options. You may be closer than you think.

It all depends on how much you own and the value of your home. You can look on home value sites like eppraisal.com or zillow to get a good starting point. Then you will need to speak with a local mortgage banker/broker

More info is needed, specifically "Why?" FHA rates are lower than conventional rates, and if you purchased your home prior to June 2009, there is a reduced upfront MI and reduced Monthly MI, making this loan hard to beat. But if your goal is to get out of FHA so you no longer have to pay MI, then that's not going to happen unless you have 20% equity or more.. My suggestion is to sit down with a local mortgage broker (not the corner big box bank) and let them look at your complete loan profile.. it's possible you can save by doing an FHA streamline refi vs. having to bring thousands to the table just to ditch paying MI.. 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 NMLS# 226347

Hi, really not enough information... Give me a call Ralph Guertin Bayburg Financial 954-274-7725 or email at ralph@absolutelowrates.com maybe I can help answer some questions more specific

It really depends on your total situation and what you are truly trying to accomplish. I suggest you speak with a local loan officer or two and see what your available options are. The value of your property and your current balance may be the deciding factor.

Getting an appraisal done on the home is the major first step. This will really help guide you on making the best choice.

Depending on when you bought your house, you could maybe even do an FHA streamline and lower your Mortgage Insurance if your current FHA loan was before January 26 2015. Mortgage insurance decreased substantially since this date.