Should You Refinance Your FHA up to a old-fashioned loan? Is it possible to Refinance an FHA Loan? It is possible to refinance an FHA loan to a traditional loan, however it requires fulfilling minimum requirements. It’s particularly useful to refinance your FHA for those who have 20% equity at home, and will eliminate the life time personal home loan insurance coverage (PMI). Until youve reached 78% in loan-to-value ratio if you dont meet the equity minimum for a conventional loan, youll also need to account for continued private mortgage insurance (PMI) costs. Understanding Mortgage Insurance Fees FHA loans stipulate that borrowers spend two types of home loan insurance coverage: a one-time, upfront home loan insurance coverage premium (UFMIP) and […]