Refinancing a THDA FHA

[Elijah Jay Dangerfield]

Hello bigger pockets community! My name is Elijah Dangerfield. I have been doing some research but kind find much on it. I want to see what information there is out there on refinancing a THDA FHA loan. I have been told that doing so may go against certain rules set with The THDA (Tennessee housing development agency) side. However, I have heard of a few people refinancing these with no problem. To your knowledge, is there a problem with refinancing these loans? Thanks for your time! Nashville, refinance, Tennessee, FHA

[Aaron Anderson]

I'm not a Lender, but I've had experience with this with a past client.  First, check on the FHAs website and see if they have a time length that the loan must be kept.  I haven't looked for 2017. The rules change year-to-year, so  if it is not listed on their website, you must go through your old loan docs and see if there was an early payoff penalty for the specific year that you signed.

This is what makes it tough.  If you signed in one of the years where the early payoff penalty applied, there can be a couple thousand in extra charges (that financial assistance they helped with), but if it doesn't say anything about it, it should refinance just like any other loan!