Can a conventional home mortgage loan be refinanced

[KEVIN Z]

using FHA? I know that if a person already has an FHA loan, they may refinance using the FHA Streamline process. If a person currently has a conventional mortgage loan, can they refinance using FHA? If posible, can you please provide me the resource where I can read this information. Only if that's not to much trouble. I looked on the HUD website but locating that particular information was far to cumbersome. Thank you

[Katie]

Yes you can as long as you are within the FHA maximum loan limits for your state.
Pres. Bush is going to try and raise the FHA loan limit to I think around $416,000.00
but not at this moment.

The HUD web site is a great web site, you just aren't use to using it.
If you dedicate say 30 to 45 minutes on that site, you'll more than likely find out a lot of information you'll need to know any like did you know you'll have an FHA MIP factor (based on several things) added to your loan amount? If you aren't refinancing a Condo, you'll have to pay monthly MIP premiums. It stands for Mortgage Insurance Premium. FHA insures the loan, in case of default.

So if you really can't use that web site, call around and find a Mortgage Loan Officer who is knowledgeable in this field to answer your questions.
If you find some information on the FHA website, make some notes for yourself, if the loan officer can not answer your questions, tell them thanks but no thanks and move on to another Loan Officer who really knows their stuff on Mortgages and FHA loans. Today a lot of loan officers know nothing about them about so many people have been put into Conventional
ARM's, or other bad financing options, so if you can find one that's been in the business for 10 years or longer, you'll have better luck.

good luck too you.

[joy]

Streamline Refinancing for FHA Mortgages

FHA has permitted streamline refinances on insured mortgages since the early 1980's. The streamline refers only to the amount of documentation and underwriting that needs to be performed by the To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. company, and does not mean that there are no costs involved in the transaction.

The basic requirements of a streamline refinance are:

The To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. to be refinanced must already be FHA insured.

The To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. to be refinanced should be current (not delinquent).

The To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. is to result in a lowering of the borrower's monthly principal
and interest payments.

No cash may be taken out on To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. refinanced using the
streamline refinance process.