Should I convert my mortgage from usda to conventional?

Question

We are wanting to use our house into a rental property. But I was wondering if it would be beneficial to try and switch from a usda loan to a conventional loan?

Andrew Postell · Answer

@Aaron Fletcher yeah, I would like more information as well.  It might make sense to stay where you are depending on what your value is, how much you owe on the mortgage, what your assets would be when trying to buy your next property, etc.  So really, you need to talk with a loan officer to really get down to it.  We answer more "general" questions in a forum like this but you need specific advice based on your personal scenario.  You can certainly post whatever you want to here but some of the things we may need might be private.  So if you do need a loan officer, try posting in the state forum that you are located in and ask for good lenders.  There should be some good locals that monitor those state forums and they can point you in the right direction if you want to go that way.  Thanks!

Aaron Fletcher · Answer

@Jeremy Bourgeois Thank you for replying! I will look into it more

Aaron Fletcher · Answer

@Andrew Postell Great! Thank you!

Jeremy Bourgeois · Answer

What are the potential benefits to switching for you? A lower interest rate? Are you trying to use a USDA loan again?

Maybe try to tackle the overall reason that you are trying to switch loans and you will find your answer