I have spoken with a few people that seem to think that there was some legislation passed that would allow some borrowers to convert to a fixed rate from an ARM based on some criteria. I have tried to speak with my lender, but I get the run around and end up in a department to refinance/apply. Can anyone shed some light on this subject?

Thank you

James,

There are some FHA lenders that do allow you to go from fixed to ARM.  But there must be a reduction in rate by 2%, i would recomend that you speak with a pro to give them the details of what your looking to achieve.  That would be the best start.

Voyage Home Loans

Mike Kim

Secondly, if you currently have an FHA mortgage, you need to look into this ASAP.  On the 18th of this month a lot of changes will be made for the worse in regards to refinancing FHA mortgages.