Im in the process of refinancing my home. I received my excellent faith estimate. In my truth and leanding statement. Im being charged 1% of a 322,000 year home loan at 6.5% which is 3229. I'm also being charged a loan discount fee of 0.837 which cost 2702.. The Mortgage Insurance Premium for 00(UFMIP/FF Financed). I'm being told that I must have MIP because its an FHA loan. They chose to give me a credit of the MIP because I did not remove it from the loan but they still want to keep the FHA instead of moving me to a Conventional They just told me today that I didn't qualify for a convential loan. Should i wait a couple of months and see if my scores get higher to refinance. The settlement charges came to 17k dollar which include 5k back to me and the credit of 4k MIP so thats about 8k which is not terrible. Is there anything that I should be aware of? Are they hiding something from me? Im not a first time homebuyer so why do they insist on giving me an FHA vs the Conventional? Help!!!
Whats the difference between FAH vs Conventional if I’m not a first time home buyer? Is the loan legit?
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