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Can I refi from a fha to conventional loan with a foreclosure on my record?

by scott.hall235 from Newton, West Virginia. Dec 9th 2015 Reply


Whay would you want to?

Dec 9th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

Yes.. but for conventional financing, there are mandatory waiting periods that must be realized before you can use conventional. It can be either 3 years or 7 years.. depending on the circumstances regarding your foreclosure.. Try contacting a local mortgage broker and let him look at your complete loan profile.. only then will you know.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Dec 9th 2015
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 591 contributions

Yes you can; you will need to meet the conventional guidelines. Sitting down with your lender will really help with understanding your options.

Dec 9th 2015
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Scott Kinne (Skinne)
#1 ranked lender in Virginia - 68 contributions

As per prior responses, YES, you can obtain Conventional financing to refinance out of an FHA loan, which makes good sense to eliminate the FHA Mortgage Insurance, provided you meet the guidelines and have enough equity in your property. The primary guidelines you need to be aware of is that if it was a Foreclosure by itself, you need to wait 7 years before obtaining new Conv. financing. However, if it was included in a chapter 7 Bankruptcy then the period drops to 4 years from discharge date of BK. I hope this helps, and I do lend n WV. Call me...Scott Kinne - Nmls# 182351 - VP- First Heritage Mortgage - 703-293-6146.

Dec 9th 2015
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