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Can I refinance if I am relocating?

I bought my home a little more than a year ago on a 15 year FHA. I have had to change jobs and will be relocating for work. The house is up for sale and my wife is still living in it and working. I would like to refinance to a 30 year to ease the monthly payments until the house sells. Can I do this since I am the primary and am not living in it full time? by wgalli_627_739 from Calvert City, Kentucky. Oct 3rd 2011 Reply


David Webber (DavidWebber)
#57 ranked lender in Texas - 71 contributions

That depends on if you are still on the note and you are married. FHA allows for assumptions of financing. If it is deemed your primary then it is until you change. Most lenders will want you to take the home off of the market before you re-finance. Good luck

Oct 3rd 2011
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

No.. but only because the house is on the market for sale. Lenders are not interested in going though all the motions, taking all the risk, and then only (maybe) having the loan for just a short period of time before it sells. Generally speaking, if you take the home off the market you should be able to refinance.

Oct 4th 2011
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

Assuming you and your wife are still married, and you take the home off of the market. you may be able to do a streamline FHA refinance to a new 30 year loan. The FHA lender will need to feel comfortable that the home will continue to be owner occupied (by at least your wife) and they will probably require the inclusion of your monthly rent for your housing in the community you will be working in.

Oct 4th 2011
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James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions

Per Fannie Mae guidelines as of June 28, 2011 homes currently listed for sale are ineligible for any type of refinance. Properties that were listed for sale must have been taken off the market on or before the application date. Furthermore, properties listed for sale in the six months preceding the application date for new financing are limited to 70% LTV/CLTV/HCLTV.

Oct 4th 2011
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Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions

Even if you could do this the related fees would not make this a smart choice if only for a short term. .... Happy funding, Rudi

Oct 5th 2011
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