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Is a refi to a conventional loan possible?

I closed on a new home on 12/3/08.  Purchase price on the home was $260,400 and I put 3% down on an FHA loan at 6%.  The house appraised for $335,000 last week and the current loan balance is $256,000.  Are there any lenders that will use the appraised value rather than the purchase price since I've been in the home for less than 6 months?  I'd love to lower my interest rate and get rid of PMI.  Thanks!
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April 17 2009 - Northwest Raleigh
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Who did the appraisal?
Why did the values increase? Did you buy it from a motivated seller? Did you make any improvements?
You could do an 80LTV refinance with the costs out of pocket or rolled in.


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April 17 2009
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Paul Cassidy--a state certified real estate appraiser conducted the appraisal.  The house increased in value because I purchased it at a huge discount from the builder who had it sitting in inventory as one of the last three houses in the neighborhood. 

We've about $5,000 in improvements since we moved into the house. 

I'd be happy to discuss over the phone if you have any other thoughts.

Thanks!
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April 17 2009
BG,

I don't know of a lender that will use value above purchase price during the first 12 months of ownership. Regardless of a higher appraised value. .... Good luck, Rudi
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April 17 2009
Conventional financing does not have title seasoning. Meaning, you can use the appraised value provided justification for the increase in value is legitimate and documented. FHA does have a 12 months seasoning to use appraised value, but Conv lending does not. I would love to help, but in Texas.
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April 17 2009
With no seasoning requirements on conventional you wonder why they don't go off the higher or the two values on a purchase? I understand, but maybe this will change with the new HVCC appraisal requirements. At least ease it up if someone puts down 15% of the purchase price. I don't see any harm then.
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April 18 2009
 
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Related Discussions
Is a refi to a conventional loan possible?
Profile picture for Chip Streater
Latest reply by Chip Streater
April 18 2009 | 5 answers
  • Posted by bradygavin
  • In Refinance
  • April 17 2009
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