Why FHA
My mother did a re-fi a few years back. Her bank put her in a FHA loan this time instead of a conventional; which she had always had before. Her income was fine; not much debt, all she was doing was a re-fi to get a lower payment. With the PMI her payment is about the same. She has no idea of why, and was not really aware of this being a FHA until recently. She is in her 70;s. by bcassler157 from , Texas. May 30th 2014
Larry Gray (lgray_312_247)
#597 ranked lender in California - 1,139 contributions
No mortgage consultant could give you a definitive answer without being able toexamine what her credit, loan to value, etc was at the time of refinance. As youmay be thinking now, there could be substantial savings in refinancing into a conventional loan now. I am a licensed (nmls )mortgage consultant, planner,and banker in CA only though have an associate in Texas if you would like a referral.Let me know!
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
Without looking at the complete credit profile it's hard to say why they put her in an FHA.
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
Credit, or lack of it, could be the answer. Worst case, the broker/lender may have had the opportunity to make more commission on the FHA loan.
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