Posted on: 16th May, 2009 11:39 am
I own a Townhome (with the bank) I have lived here for 19 years) I want to convert my FHA loan to a conventional Loan so I can buy a house to live in and rent out my town home til the housing market improves. How can I do this? The point being obtaining a new FHA mortgage for the purchase of the house. Please help
A Refinance is the only way to go... keep in mind the closing fees on the refinance + the closing fees on the house + the new upfront MIP fee on the FHA loan could make this a very expensive route to go.
Definitely compare the benefits between the two... buying the new home with a conventional will have a little higher PMI and down payment, but by doing just one loan that way it may be more economical?
Best of luck...
Definitely compare the benefits between the two... buying the new home with a conventional will have a little higher PMI and down payment, but by doing just one loan that way it may be more economical?
Best of luck...