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Per FHA guidelines you can refinance any time. The new lender may not allow a refinance on a home just purchased, many lenders have "seasoning" requirements that can range from 6-12 months, but FHA guidelines have no issue with you refinancing.To qualify for a STREAMLINE Refinance, which is going to be a better deal for you than a standard FHA refinance, FHA guidelines require you have made 6 payments and at least 210 days have elapsed since your current loan closed. It sounds like you have, or are about to have, met that requirement and should be able to qualify there as well. The issue here is, you're not going to find an FHA 30 year fixed at 3%. Maybe 3.75% or 3.875% (maybe a little less with points), and without seeing the numbers it's hard to tell if your new loan would meet FHA's "net tangible benefit" requirement of the total payment being reduced by at least 5% to qualify for the FHA Streamline Refinance. We'd have to look at little more closely at it to figure that out.Sincerely,Greg
Assuming you made the minimum down payment, your most likely refinance will be FHA Streamline. Streamline requires that you have made 6 payments on the existing loan. I'm not certain on this, but I believe the most recent policy is that your new case number must be pulled 6 months after the first payment due date on the existing loan.Since you have 7 months in, you should be fine to streamline. You will see a bit of an increase in the monthly mortgage insurance that you pay each month, but it should be offset and then some by the decrease in rate.Feel free to contact me through my profile if you would like a formal estimtae for a property in California.
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