Can you refinance FHA loan with a VA loan?

Asked by Ellyn Alcantara, 92104 Fri Feb 24, 2012

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10
Joannairise, Home Buyer, Tucson, AZ
Wed May 13, 2015
> FHA and VA refinance loans

* The Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA) offer standard refinance products. FHA refinance loans and VA refinance loans allow homeowners the option to reduce payments or reduce loan term, and they have features that decrease the qualification requirements. (Please note: Bank of America offers FHA and VA refinance loans to existing Bank of America home loan customers only.)

> FHA refinance loan features

* No maximum income/earning limitationsFootnote 1
* Fixed-rate loans available
* Maximum loan amounts vary by county—contact us for information on your county
* More flexible qualification guidelines than conventional loans
Click here for more:

> VA refinance loan features

* Fixed-rate loans available
* More flexible qualification guidelines than conventional loans

Click here for More: http://vastreamlinemortgage.net/loan-process/
4 votes
Brittany898, Home Buyer, San Francisco, CA
Thu Apr 30, 2015
The Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA) offer standard refinance products. FHA refinance loans and VA refinance loans allow homeowners the option to reduce payments or reduce loan term, and they have features that decrease the qualification requirements... http://valoanguidelines.org/

FHA refinance loan features

> No maximum income/earning limitationsFootnote 1
> Fixed-rate loans available
> Maximum loan amounts vary by county—contact us for information on your county
> More flexible qualification guidelines than conventional loans

VA refinance loan features

> Fixed-rate loans available
> More flexible qualification guidelines than conventional loans
4 votes
Noah Seidenb…, Agent, Evanston, IL
Thu Apr 30, 2015
you need to talk to a loan officer to find out this infirmation
1 vote
Beverly Jones, Mortgage Broker Or Lender, College Station, TX
Wed Jul 17, 2013
Not in the state of Texas
1 vote
Annette Levi…, , New York, NY
Fri Feb 24, 2012
Ellyn,
You need to sit down and talk to a mortgage officer that does FHA and VA mortgages. This way you can compare them and see what is best for you.
1 vote
Carol Vittor…, Agent, Indianapolis, IN
Fri Feb 24, 2012
You may want to compare the VA refinance with a FHA streamline refinance and see which maked the most sense financially. If the appraisal is a problem the FHA streamline often does not require a new appraisal. Check with a well qualified lender.
Carol Vittorio
F.C. Tucker Co. Inc.
317-891-0100
1 vote
George Raymo…, Mortgage Broker Or Lender, Fort Worth, TX
Fri Feb 24, 2012
The questions has been answered below but I want to interject the reasoning for refinancing to a VA loan. Clearly the main reason is eliminating your monthly mortgage insurance. This alone can potentially save you thousands over the next several years. Another reason is, the next time you want to refinance the costs in doing so is much cheaper. FHA's upfront MIP is higher than a VA Funding Fee.

The only down side to refinancing to VA actually pertains to myself. I decided to keep my VA for a rainy day. When I bought my home I used the USDA RDL Program (VA Look-a-Like) requiring $0 Down. I did this knowing that some day I would like to take advantage of an improving housing market and I could once again purchase another home with no down payment rather than going FHA that requires the 3.5% Down. To me it was a better business decision.

Something to think about. Best of luck in your decision.
Web Reference:  http://www.AFN--Loans.com
1 vote
Andrea Bedard, Agent, Silver Spring, MD
Fri Feb 24, 2012
Ellyn, yes you can but as is the case with all refinances you want to carefully look at the numbers to determine if it makes sense for you. Refinancing is not free and don't forget about the VA funding fee that you'll either have to pay in cash or roll into the loan amount.

Get in touch with an experienced VA lender to discuss your plans and to figure out whether or not it would be a smart move financially. All the best.
1 vote
David Mennen, , Indiana
Fri Feb 24, 2012
Hi Ellyn - Yes you can. I am a mortgage broker and work with serveral VA lenders... Most of the loans that we do are government loans... Please call/txt me at 765-714-8894. Thanks, David Mennen - Tippecanoe Mortgage.
1 vote
Brian.young, Home Buyer, Rockford, IL
Mon Dec 28, 2015
FHA to VA is a awesome move because you remove the mortgage insurance from your monthly payment going with VA. Why serve if you dont use the benefits....

Licensned in 43 states not just CA, I work for a direct lender in the mortgage industry who offers conventional, FHA VA, and USDA loans. The best part is unlike lendingnetwork we keep your info private not broker it out and we go below 580. Are lowest score we accept for government loans are 550 when most lenders require a 620 and brokers a 580. You have to have two years of income with a score over 550 with bankruptcies discharge date 2 years and over. We have basic guidelines and a pretty easy process. Feel free to text me or call me anytime up to 10:00pm Eastern with any questions.
Brian Young 214-797-3479
0 votes
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