Can I refinance my FHA mortgage to a Conventional mortgage?
I bought my home a year ago, and would like to refinance and take out the equity to pay off bills and make some much needed repairs around the house. With an FHA mortgage you can only cash out up to 85% of the equity of your home. I would like to know if its possible to refinance my FHA loan to a conventional loan and to cash out the full value of my home? I have had a full time job for over 2 years and have good credit and also a cosigner if needed. Thanks for your help
We are trying to do a cash out refinance and have already done the appraisal of our house. We are looking to do a 95% cash-out refinance and our mortgage broker suggested an FHA loan. It seems to good to be true. What are the downsides?