Refinancing a FHA loan to Conventional loan?

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I recently purchased a house with a FHA loan. The home appraised to a value greater than what I owe the bank. Can I refinance the loan to get a conventional loan using the equity? Is there any time period restrictions for refinancing a FHA loan to Conventional loan? Will the upfront mortgage insurance on the FHA loan be refunded if I refinance? Please advice.

3 Comments
  1. Reply
    Tigg
    May 16, 2011 at 3:05 am

    Nope you keep your FHA loan for 3 yrs Read what you signed

  2. Reply
    Sam
    May 16, 2011 at 3:08 am

    Depends on your loan agreement.. My FHA loan agreement has no penalties for early payoff as well as no restrictions to refi..
    Not sure about your insurance being refunded, but I doubt it.

    Correction: 1 year till I can refi on my loan agreement.

  3. Reply
    rswpbc
    May 16, 2011 at 3:38 am

    First of all, you just bought the house so you do not have equity at all simply because you have not owned the home long enough. If the house appraised for higher than you should have been able to get a conventional loan the first time. You also can not change an FHA loan to a conventional loan no matter how hard you try. FHA guidelines are completely different than a conventional loan and you are wanting to refinance way too early which will send big red flags to your lender. You can not receive a refund from your mortgage insurance either.

    Wait awhile before you try to refinance so that you will qualify for what you want,

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