Can I refinance a conventional loan into a FHA loan?
I see there is a new program coming out for people that are upside down in their mortgages to refinance.
It looks like it is only for people that have FHA or FMA loans. Is it possible to refinance a home from Conventional to a FHA loan? Even if I owe more than the home is worth at today's values.
So there is no way I can refinance an underwater loan to a cheaper interest rate?
- Steve DLv 79 years agoFavorite Answer
Nope..as you point out, the program is already for people with existing FHA/FMA loans. You can't get a loan if you are underwater just to refinance later and stay underwater.
- alysonLv 44 years ago
right it particularly is your difficulty. you are able to desire to have possession for a million 3 hundred and sixty 5 days to get a sparkling very own loan on the appraised fee. If not even a sparkling very own loan does you no sturdy today as they too will bypass off the acquisition value and you have gotten PMI. Wait a million 3 hundred and sixty 5 days and then seem into it and definite area of the in develop MIP could be refunded to you i'm a private loan banker in TN