FHA guidelines say 6 payments must be made, so about 7 months.. however if your refinancing an FHA loan into a different loan product such as VA or conventional, then there's no waiting, so long as you have sufficient equity.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Hi there,Yes you need to make 6 months of payments in order to qualify for an FHA Streamline. Here are the exacts requirements:At the time of the application the borrower must have made at least 6 months payments on the existing FHA loan being refinanced and at least six full months have passed since the first payment due date of the refinanced mortgage and at least 210 days have passed from the closing date of the mortgage being refinancedThanksDustin Campana
You can theoretically refinance right away, assuming you have equity, however, it may be hard to find a lender that would do the loan. I would wait 6 months to be safe.I do loans all the time in Marin, give me a call if you want to discuss. 510-332-3282. May home office is in San Rafael. Linda
6 months to streamline it.
Great answer Dustin! You couldn't have said it better!
For a streamline 6 months payments must be made......if you have equity there are other programs available.
FHA guidelines say 6 payments must be made, so about 7 months..
If you have completed the updates/remodel work and have more than 5% equity in your home now, you might want to look at changing to a conventional mortgage after 6 months -- to cut your mortgage insurance costs ongoing.
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