What's the cheapest way to refinance from FHA to VA?

Asked by Evan Smith, Albuquerque, NM Sat Apr 20, 2013

I made a home purchase using FHA since I was unable to meet VA occupancy requirements. Now, however, I will be moving back stateside and able to occupy my home personally, which is why I want to refinance using my VA loan. The main reason I want to do this is because I want to cancel my PMI, something that Wells Fargo requires for 5 years, regardless of equity. Is anyone aware of any low or no-fee refinancing options for someone looking to use a VA loan? Are streamline options a possibility?

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Ronald Romero, Home Buyer, Ranchos de Taos, NM
Wed May 8, 2013
Check out your financing options at VA.gov-If you have enough equity you can cash out for the fees, and pocket the rest.
Web Reference:  http://www.mcbikergear.com
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, ,
Wed May 8, 2013
FHA

FHA loans require both an upfront and an annual mortgage insurance premium. The premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling, and other factors.

VA Loans

VA loans require a funding fee upfront paid to VA in the form of mortgage insurance .he premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling factors.
Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
http://mylouisvillekentuckymortgage.com
0 votes
Ronald Romero, Home Buyer, Ranchos de Taos, NM
Thu May 2, 2013
Say hay!-The government has a great refi program for VA loans.
0 votes
, ,
Sun Apr 21, 2013
Hi Evan,

Thank you for your service.

The biggest problem you're going to run in to is whether or not you have enough equity to meet most lenders requirement for an FHA to VA refinance which is 90%.

The good news is I can do VA cash-out refinances up to 100% of the homes appraised value.

Check out some of my recommendations from some of my past clients right here on Trulia by clicking the following link: http://www.trulia.com/profile/johnburke/#__rec

Please feel free to contact me for more information or help. You can also find more info on my VA mortgages website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust Co.
(877)228-9069
0 votes
Max Sklower, Agent, Albuquerque, NM
Sat Apr 20, 2013
I have 4 trusted motrgage people who can answer that question to a tee. Call Me Max Sklower at 822-8864 or email me at: realtyperson@gmail.com and I will give you the numbers of people to give you quick and accurate answers. Good Luckm Evan. Max Sklower, Broker/Owner of Broadcast Realty.
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