Ask our mortgage assistant

Related answers

• FHA & Conventional

  Can I get an FHA loan if I already own a home?

  Sometimes. FHA loans are for the home you'll live in, and you can generally have only one FHA loan at a time. But FHA makes exceptions, like relocating for a job too far to commute, needing more room for a growing family, or moving out of a home you co-own with someone who's staying. You don't have to be a first-time buyer. The Mortgage Advisory reviews your situation and arranges FHA loans through approved partner lenders.

• FHA & Conventional

  How do I refinance from an FHA loan to a conventional loan, and is it worth it?

  You refinance into a new conventional loan that pays off the FHA loan. It's usually worth it when you have about 20% equity, because conventional loans don't need mortgage insurance at that point, and your credit has improved. The math has to beat the closing costs, especially if your current rate is low. The Mortgage Advisory is the direct lender on conventional loans in California, Texas, and Colorado and runs the break-even for you.

• Reverse Mortgage

  Can I get a reverse mortgage if my home is worth more than the FHA limit?

  Yes. An FHA-insured HECM only counts your home's value up to $1,249,125 in 2026, so owners of higher-value homes often get more from a jumbo (proprietary) reverse mortgage, with loans up to about $4 million from some lenders in select states. Jumbo reverse mortgages aren't FHA-insured HECMs and have their own terms. The Mortgage Advisory compares both for your home.

• FHA & Conventional

  How do I get rid of FHA mortgage insurance?

  It depends on your down payment. For most FHA loans since mid-2013, if you put less than 10% down, the mortgage insurance lasts for the life of the loan; with 10% or more down, it ends after 11 years. The most common way out is refinancing into a conventional loan once you have about 20% equity, and The Mortgage Advisory will show you when that makes sense.

• FHA & Conventional

  How strict are FHA appraisal and property requirements, and could they kill my deal?

  FHA appraisals are a little stricter than conventional ones: the appraiser checks that the home is safe, sound, and secure, and flags things like peeling paint on older homes, a failing roof, or broken utilities. Most items are small and can be fixed before closing, and they rarely kill a deal when they're caught early. The Mortgage Advisory helps buyers and their agents plan for FHA repairs before the offer, not after the appraisal.