Profile picture for Captncookies

How long do I have to wait to refinance an FHA loan?

I purchased a short sale a little over month ago with an FHA loan. My current mortgage is at about 75% of the appraised value. (Got a pretty sweet deal). How long do I have to wait before I can refinance to a conventional loan and get out of the Mortgage Insurance?
  • November 02 2009 - Coral Springs
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Answers (6)

most are six months but some will do it earlier, call around, as long as it is not cashout.

  • November 12 2009
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Profile picture for Liberty Mortgage
Different lenders have different guidelines but in general, you will have to wait 6 months to refinance into a conforming Fannie / Freddie loan.  I do not think you will be able to recoup your $10K post purchase investment.  I think you will just be able to refi up to your mortgage amount which in this case is below 80%-  A good thing.
  • November 12 2009
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Profile picture for Captncookies
Follow up question. I used about $10K from my savings to repair the house. Would I be able to get the funds back when refinancing?
  • November 02 2009
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Profile picture for shapiroamg
Sounds good. You will also get a refund on your UpFront Mortgage Ins Premium after you close. This will be a prorated amount but you will get back a healthy portion.
  • November 02 2009
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Profile picture for Captncookies
The appraisal was done by a local appraiser. Not from an appraisal management company. The value should still hold. A neighbor purchased about 1 week before I did and paid $20K over my appraised value. Thanks for the info.
  • November 02 2009
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Profile picture for shapiroamg
I dont thing Fannie or Freddie have an issue with a rate/term refi. I think you could start now. Who did the appraisal for the FHA loan? Next time around it will be subject to the new appraisal code. Dont be suprised if your value dosent come back at what your expect.
  • November 02 2009
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