My offer was accepted.. But now I want to change from fha to conventional

[Mrs_hambright]

How do I go about changing my financing from fha to conventional with 5 % down? What does that change about my contract? Also I want to add my fiancé to the title (not the mortgage) what is the process for doing that?
Thanks in advance for your kind words of wisdom.

[Jamisonke]

One of the brokers will probably chime in, but I'd think you can still change the type of financing. If you can qualify for conventional and can afford the additional down payment, it is in your best interest to go conventional. It'll save you in the long run, as there is no guarantee you'd be able to refinance favorably (e.g. Rate) to get out of the required FHA mortgage insurance premium. Good luck!

[Mrs_hambright]

Thank you!! I will talk to my loan officer tomorrow & see if I can qualify.

[Jamisonke]

No worries. I wish we could have gone conventional, but a previous short sale was too recent. Now we're stuck with mortgage insurance for the life of the loan. Go conventional if you can!

[Mrs_hambright]

Thank you!! I will let you know how it works out

[3Pelicans]

We just did something similar.  Due to credit score I thought we would have to go FHA, but we were working with a great LO who helped us take the steps we needed to go conventional.  We had enough to put 20% down and were using it to get the loan amount to the FHA max anyway so we weren't out anything additional from a down payment standpoint.  In Illinois everything has to go through attorneys, but if you don't live in a state where your contract is managed by a lawyer your agent should be able to work with the sellers agent on making that change.  I agree with everyone...if you can go conventional it is the way to go to avoid PMI for the life of the loan.  I know for us the interest rate increase costs us less than the PMI would have over the life of the loan.  Good luck.