All Forum Posts by: Jim Vani

Hi Miles, Yes you can refi out of FHA to Conventional as long as you meet all the mortgage lenders qualifications. Typically its due to credit score/down payment where someone would choose the higher cost of FHA over Conventional. If there is anyway to apply with your cosigner for a Conventional for the purchase you would be better off.

There is a seasoning time requirement typically of 6-12 months depending on the lender before you can refi. WIth a value increase you will want to document everything you can to show why you believe it to have increased. 

When you refinance you would apply on your own and request your cash out refi up to the allowable amount. I advise meeting with a licensed loan originator in your area. If you dont have one yet you should be able to find a good one through the BP network. The local RE Brokers will likely have someone trusted that can assist

Good luck

Jim

These days you can build the bulk if not all of the costs into the refi. This typically bumps the rate up slightly but for a normal cash out refinance that larger loan size generates more revenue the bank can apply towards covering costs. There are standard costs with each and there are more with a cashout refi over a HELOC. The HELOC at your local bank (where you hold your checking) should offer you low cost options.

Do you know if the $7k figure included your new escrow account? This is your money being held in escrow for when your taxes and insurance payments are due. 

For another quote on a standard cashout refi I recommend Guaranteed Rate or a large volume mortgage company that specializes in doing mortgage. 

Anyone have experience rehabbing in the Chicago area? I'm a contractor w/ a background in finance looking to join meetups and make some connects