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Is it possible to switch from a conventional loan to a FHA?

I purchased my home originally at 5.75% through a conventional loan and now I am trying to lower my payments by finding a better loan with less of an interest rate, but I am not able to do this with my original loan because I paid more for the property than its currently appraised. Any suggestions? by toobig_617_254 from Fort Worth, Texas. Oct 10th 2011 Reply


Henry J Daniels, CMPSI, CMHS (HenryJDanielsNationalMortgage)
#14 ranked lender in Texas - 133 contributions

Hello, With a Conventional loan you can do a Streamline refinance. No appraisal is required and it is done using the appraised value when you originally financed the property.Sincerely,Henry J Daniels - Sr. Mortgage Banker & CMPSI Certified Mortgage Coach"Educating you to make the right financial choices for your family today and tomorrow" Direct: (936) 228-1944 Fax: (832) 217-3033Learn about me and connect at HenryJDaniels.comBlog: WoodlandsMortgageBank.com What is "Servant Leadership?" - Proverbs 11:25 & Proverbs 3:27 Connect with me at:Text "CoachHenry" to 50500 to get my eCardText "follow TexasRealLoans" to 40404 for Lending updates via SMSText me Direct at (936) 228-1944Home Loans provided by Premier Nationwide Lending NMLS #75333Henry J Daniels - NMLS #209419

Oct 10th 2011
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Matthew Breston (mbreston)
#88 ranked lender in Texas - 2 contributions

The max loan to value on FHA prior to adding in the upfront mortgage insurance is 97.75%. If your loan was originated approx April 2009 or prior you should be able to use the Home Affordable Refinance Program (HARP). If you had mortgage insurance when you originally purchased, you would want to go through your original lender for a HARP loan.

Oct 10th 2011
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Rick Carrier (rickcarrier)
#30 ranked lender in Texas - 28 contributions

We just need to know if your loan is a freddie mac or fannie mae loan, they both have refi plus options that allow for higher LTVs over 100% when refinancing. I can check for to see which one it is if you would like to give me a call. Rick Carrier Americas Choice Home Loans 281-923-6956 rcarrier@achlonline.com

Oct 10th 2011
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Glenn Main (gmain07)
#41 ranked lender in Maryland - 10 contributions

Yes it can be done with a DU Refi plus. If you would like to find out if you qualify please call me at 1-800-332-9221 ext 2324 or my cell is 717-779-3692. My name is Glenn Main at Equity Mortgage NMLS# 140978 and my email address is gmain@equitymortgagelending.com.

Oct 10th 2011
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