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When to refi to conventional?

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New Member

When to refi to conventional?

Hello all,

 

I'm purchasing my 2nd home after selling our first one in June 2017 and going FHA due to the lower 3.5% down payment. We are purchasing the home for $248,500 and it appraised at 250k, financing 243k-ish. My wife is a teacher that can qualify for a grant that helps with a down payment and/or closing costs and we were told this works for a refi. At what time would it be great to do this and is it worth the cost or wait and pay down the house a bit more?

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Frequent Contributor

Re: When to refi to conventional?

It depends on the offer (rate and points) you are getting for FHA loan vs conventional loan. Have you gotten these quotes?
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