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Switching loan term from conventional to fha loan how long is the process?

by genesisjimmy933 from Chadwick, Illinois. Mar 17th 2014 Reply


Kelvin Waits (Kelvin)
#89 ranked lender in Illinois - 4 contributions

Pretty quickly. Probably under 30 days. If I might ask is there a particular reason you would like to refinance to an FHA loan?Kelvin WaitsVP of Mortgage LendingGuaranteed Ratekelvin.waits@guaranteedrate.com

Mar 17th 2014
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Kelvin Waits (Kelvin)
#89 ranked lender in Illinois - 4 contributions

Sorry my email cut off.Kelvin WaitsVP of Mortgage Lendingkelvin.waits@guaranteedrate.com

Mar 17th 2014
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Jason Vondrak (jvondrak)
#218 ranked lender in California - 1,741 contributions

Most lenders will be able to complete the transaction in under 30 business days.

Mar 17th 2014
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

30 days would be average, but converting a conventional loan to FHA has very little benefits.. Regardless of your loan to value or equity position, FHA requires you pay mortgage insurance, and FHA has the most expensive mortgage insurance of any loan product. The only way to eliminate the MI is to pay off your loan or refinance it.. With conventional financing, the MI is Half or lower than FHA, and once you make 24 payment and obtain 20% or more equity, you can have MI dropped without having to refinance.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Mar 17th 2014
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,244 contributions

Should be about 30 days. The bigger question is why do this? is it an loan to value issue?

Mar 17th 2014
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Patty Harrison (PattyHarrison)
#92 ranked lender in Illinois - 64 contributions

it's not a long process depending on if the appraisal is done or not. If the appraisal has already been completed then the appraiser must be able to do FHA appraisals; otherwise you will need another appraiser qualified to do FHA. If you are switching to FHA due to score and need a 2nd option, please let me know if I can help.Best regards,Patty HarrisonSmart Mortgage630-854-3459

Mar 17th 2014
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