Can I refinance an FHA loan to conventional?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Yes, and it's a common move to escape FHA's lifelong mortgage insurance. Once you have 20% equity and a 620-plus score, refinancing to conventional eliminates the FHA premium and can lower your payment.
Florida's rising values often get FHA owners to 20% equity within a few years. We'll confirm your equity and run the numbers to see how much shedding the FHA premium saves.
A popular move
Yes, and it is a smart one for many owners. Refinancing an FHA loan into a conventional loan can remove the FHA mortgage insurance once you have 20% equity, lowering your payment.
FHA insurance usually stays for the life of the loan, so this refinance is often the only way to cancel it.
What you need
You will need a credit score around 620 or higher, at least 20% equity to drop mortgage insurance, and a rate that still makes the switch worthwhile.
We compare the full cost for you. Reach out and we will see if moving from FHA to conventional saves you money.