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Answers (3)
- Clay Branch, "Georgia Loans"
- Contributions:7839
nntong2007, you have made several posts about refinancing your FHA loan. Several lenders have given you good advice but it seems it is not being explained well or in a way for you to make a decision as to which way to go. The key to your loan is you are willing to pay your loan down, I believe you said you owe $325K and your estimated home value is about $320K. You should select a lender or broker who can communicate with you directly instead of posting on Zillow so you can understand your different options.
- Patrick Nolan, "Bucks County Banker"
- Contributions:239
Your post does not provide sufficient information for a response. On any refinance transaction it is fairly simple to provide a comparison of the benefits / negatives of FHA v. Conventional, but to do that you need to provide:
1) Loan to value ratio
2) Credit scores
3) When was the current loan originated (before or after 5/31/2009 for HARP eligibility)
4) What was the LTV when the current loan originated (to determine whether you have PMI - paid monthly, lender paid, or single premium)
Simplistic responses based upon inadequate information in the original post do not provide you with any actionable information, nor provide valuable information for similarly situated borrowers reading the responses to your question.
1) Loan to value ratio
2) Credit scores
3) When was the current loan originated (before or after 5/31/2009 for HARP eligibility)
4) What was the LTV when the current loan originated (to determine whether you have PMI - paid monthly, lender paid, or single premium)
Simplistic responses based upon inadequate information in the original post do not provide you with any actionable information, nor provide valuable information for similarly situated borrowers reading the responses to your question.
- Mark Anderson, "MarkAndersonMortgage"
- Contributions:12
If you have a good credit score, you will obtain a more favorable loan with conventional. For FHA you may get a lower rate, BUT you will be required to pay PMI, making it more expensive than a comparable conventional loan.
fha and conventional loan
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