Question by Brian: Educated guesses about when the FHA 30yr fixed rate will drop and how much?
I’m a first time home buyer and I was just preapproved for an FHA loan with a 6.5% rate. Three months ago I was approved for a conventional loan at 6.25%. I’m just wondering when analysists are predicting rates to drop?
Best answer:
Answer by Natalia
not soon the rates are going to go up for the next year unless the government lowers them again
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Question by Cat: How can I refinance from FHA to a conventional loan with little or no money down?
Just over 6 months ago, viagra dosage we bought a bank owned property. We’ve put at least 15 grand into fixing it up. I was told that we can switch to conventional with an appraisal that shows our property is worth 20% more as we don’t have cash for closing. Would we not have to pay mortgage insurance if we went conventional and why? I need a little guidance with this. Thanks!
Best answer:
Answer by Me
Join a credit union and work with them.
What do you think? Answer below!
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YES YOU WOULD PAY BUT LESS
Hi Cat,
If you refinanced to a conventional loan and your new loan amount is 80% or less of the appraised value you would not be required to pay mortgage insurance. You can always try the FHA streamline refi.