Forgotten Your Password?

Need to Register?

Question Icon

Can I refi with my FHA loan above 80% LTV?

i want to get rid of my mortgage insurance. Good credit, 717. Can I get into a conventional program at this stage? by likeerisson946765 from Washington, District Of Columbia. Dec 1st 2014 Reply


Yes you can. It would be my pleasure to help you with this transaction. Please call me directly at 443-742-0946 or you can apply online directly at www.affordableloanstoday.com

Dec 1st 2014
1
0

Yes, certainly you can. If it is a condo, I could price it at 3.875 30 year fixed. Or 3.75% if it is not a condo. No point. Please feel free to contact me at 703-459-8899. Best Regards.

Dec 1st 2014
1
0
Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

It depends on your full qualification. The loan to value and credit score would work, but you need to also qualify for the debt to income ratio. I would contact a local loan officer and have them present you with all of your options so you can see what direction will be best for your situation. Best wishes, Sean

Dec 1st 2014
1
0
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,250 contributions

You are stating that you loan is above the 80% mark ? where did you get your comps? send me your address and I will do your comps for you linda

Dec 2nd 2014
1
0
Jason Vondrak (jvondrak)
#3 ranked lender in California - 1,715 contributions

Yes, you can assuming you meet other qualification requirements.

Dec 2nd 2014
1
0
Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

If you meet all the requirement it should not be a problem.

Dec 2nd 2014
1
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Assuming you meet all eligibility requirements, then you can use conventional financing for refinancing. If your loan is above 80% LTV, then you will pay MI, but it will be much less than FHA. In fact its tiered 95%, 90% 85%, with the lower LTV's offering the lowest MI rates.. and with conventional, once you have paid for 2 years, and you obtain 20% or more equity, you can contact your lender and request the MI be removed, and you wont have to refinance to do it.. 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

Dec 2nd 2014
1
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

It is possible to structure a new mortgage to eliminate the monthly PMI payment. That may, or may not make sense depending on the current rate and costs to refinance

Dec 2nd 2014
0
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

If you owe more than 80% of today's value, you will have to deal with mortgage insurance somehow. There is simply no way to get away without it. There are multiple options of dealing with PMI - so be sure to ask your loan officer about monthly PMI, single premium PMI, and lender paid PMI. Finally, conventional PMI is in most cases cheaper than FHA PMI, so it is well worth investigating your options.

Dec 2nd 2014
0
0
Ron Schwartz (RonSchwartz)
#70 ranked lender in Maryland - 56 contributions

Greetings....with credit and up to 90-95% Loan to value there are indeed solutions that include:1. Pay down2. No Monthly Mortgage Insurance (lender Paid, up front etc) Mortgage Insurance.3. No Mortgage Insurance Loans (there are some available around DC).4. VA if you are eligible5. Mixed Mortgage (80/10/10 or 80/15/5) where you would use a 2nd Mortgage or home equity line to finance the balance in excess of 80% of the home's value.Happy to discuss any/all of these with you. Just reach out to me here at my new home - Embrace Home Loans here in DC/MD/VA Dial me at1-800-333-3004 x 3817

Dec 2nd 2014
0
0

Yes

Dec 3rd 2014
0
0
Subscribe to our news feed.