Refinancing out of the HomePath Loan
I am currently trying to decide what loan to take, a 203K streamline or the HomePath Reno loan.
I have the rates differences and know the payment differences with pmi / no pmi, etc.,
I beleive I could refi out of the FHA in 6 months and as long as there is 20% equity as planned from our research and comps, the pmi would drop.
But the big question I cannot find answers to is how difficult it is to refi out of the HomePath once the seasoning period is up. I do not have a problem with the terms of the loan, but I'd like to be able to know what the likelihood of refi'ing to a conventional is for this loan product.