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What can I do to get more (or better) quotes for my loan request ZR-STBTPQC

Hello, I have great credit. Never late. My current loan is an FHA. The only reason I want to refinance is because I have moved from Ohio where my condo is to Georgia 3 years ago and would like to buy a new property. I have been approved for a 203K loan, but its better for me to do an FHA than a conventional due to 5% vs 25% down. FHA rules say I can only have 1 FHA loan. Help! I only owe $38,500 or so on my current loan.  I just need it not to be an FHA loan. I am looking to try to sell the condo or have someone assume the loan, but currently it is rented out.
  • September 12 2011 - Dayton
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Answers (3)

vacationjoy - I believe you are looking to refinance your FHA loan in Georgia into a non-FHA loan in order for you to purchase a new home in Ohio with an FHA loan, is that correct? 

If so, there are several situations where you can have more than 1 FHA loan. 

One of them is relocating - and the guidelines say that if you are relocating and establishing residency in an area not within reasonable commuting distance of your old home (Ohio vs. Georgia would not be considered a reasonable distance) then that is grounds for being able to have more than 1 FHA loan... the relocation doesn't even need to be employer mandated, it can be completely voluntary.  And thus you would not have to refinance your old FHA loan on your condo in Georgia into a conventional loan in order to purchase your new primary residence in Ohio with an FHA loan.

You can read all of the fine print at http://www.fhaoutreach.gov/FHAHandbook/prod/infomap.asp?address=4155-1.4.B.2

But buying a new home with conventional financing doesn't require 25% down, particularly if it is your primary residence, you can purchase with as little as 3% down with great credit (680-720) and with 5% down with decent decent credit (620 is the minimum but you'll probably need 660+ scores).

Feel free to ask further questions or correct me if my assumptions are incorrect.
  • September 12 2011
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Hello,

I just took at look at the loan request you submitted.  One reason why you didn't get the results you expected is because the loan amount is too small.  I looked at the Zillow professional directory and here are a list of lenders in your area that you can reach out too. 

Thanks for using Zillow Mortgage Marketplace to search for loan requests.

  • September 12 2011
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We're very competitive on small loans.  Feel free to get in contact with me by clicking on my name. 
  • September 12 2011
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