Yes, you can refinance a government loan such as an FHA, VA, or USDA loan to a conventional loan. Refinancing to a conventional loan can be an effective way to access savings by removing mortgage insurance or mandatory fees that are common with government-backed loans.
By refinancing to a conventional loan, in addition to potentially lowering your interest rate, reducing your monthly payment, gaining access to your home equity (through a cash-out refinance), or adjusting your loan term, you could also:
- Avoid the mandatory mortgage insurance premium (MIP) from your FHA loan.
- Avoid the VA funding fee or use the home you purchased with a VA loan to earn rental income.
To be approved for a conventional loan you must meet these additional qualifying requirements:
- Wait 210 days or have made at least 6 monthly payments to refi from an FHA or VA loan.
- Have at least 3% home equity before you can refinance from a USDA loan.
Get started- See today's refinance rates
- Change your loan type and save with a conventional loan refinance
- How can I calculate the Mortgage Insurance Premium (MIP) on an FHA loan
- Conventional loan requirements you must know
- Free Mortgage Refinance calculator: See how much you can save