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Can I refinance FHA to conventional loan?

fha refinance


I purchased a house for $200,000. It is a new build and got a huge discount from the builder. The house appraised for $250,000. Does that mean I have $50,000 equity. Would this then mean I could refinance my FHA to a conventional to remove my mortgage insurance since I have more than 20% equity. I have only been in my house for about a month.

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   Posted in FHA Loans    

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2 Responses to 'Can I refinance FHA to conventional loan?'

  1. Bob Sacamanno - November 8th, 2009 at 3:49 am

    I’m pretty sure you have to wait at least 1 year.An FHA appraisal can’t be overridden for a year.

  2. Noneya - November 10th, 2009 at 12:51 am

    In this market if you have owned your home for less then 1 year a lender is going to use the purchase price instead of the appraised value.


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