| FHA Refinance If you are facing foreclosure we have helped many homeowners refinance out of foreclosure to a fixed rate loan. |
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11-14-2009, 04:39 AM
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Is an FHA refinance good when i have a really
good credit but the value of the house is low? I have a 276k loan with 6.75 apr, conventional loan.I went to bofa to try to refinance. They said i can do it only with an fha loan at 5.25Savings per month are 260$, The house can be apraised for 300kI know with fha loans u pay the full amount of pmi.Is it good or no?Thank u
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11-14-2009, 07:49 AM
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Yes, it's a very good loan for that. The PMI on an FHA loan is much lower than a conventional loan. So, if your value is low and your loan amount is high, it is definitely the right loan product for you. On that size loan amount for FHA, the PMI is $115 per month. If you did a conventional loan with that loan amount and appraised value, the PMI would roughly twice that. I would go for that deal.
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11-16-2009, 10:23 AM
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YES... thats $260 a month!!!! Makes perfect sense to me! BUT, you should be able to get lower than 5.25% check around... BofA is NOT the best all the time....
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