Switching to an FHA home loan
I can afford to o put down 20 percent for a purchase but prefer an FHA home loan at 6%. I have a traditional pre-approval letter with 20% down because I know not many sellers like FHA'sIf I open escrow stating that I will put 20% down, am I allowed to switch it to an FHA loan? What is the process. by JohnJ@gmail.com from Silver Lake, California. Apr 19th 2010
- - (Voted.Best.Rates.and.Service)
#11 ranked lender in New York - 377 contributions
Yes, this can be done. However, it would be good if we could discuss the details and really get this mapped out. Mel 845-290-3319
Nick Fratini (nfratini)
#5 ranked lender in Pennsylvania - 15 contributions
Hi John,There are many different options available to you, and FHA is definately one of them. Please give me a call at 610-344-9988 for a free loan consultation.NickAcre Mortgage & Financial, Inc
Marty Borges (mborges)
#253 ranked lender in California - 20 contributions
I can get you a pretty good rate on FHA but you will be paying mortgage insurance that will raise your monthly payment. If you are putting down 20% then I recommend a conventional loan because you avoid mortgage insurance. I would love to compete for your business since I believe I can offer you the lowest rate possible.Marty 310-971-7444
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