I have a 203(k) loan through f.h.a. and I was told that I cannot refinance until I've had the loan for 12 months

If the new loan you are looking for is to take cash out then: Conventional, you will have to wait 6 months if looking to take cash out.FHA, you will have to wait 12 months, if you are looking to take cash out. If you are simply looking to lower the rate/payment you will have to wait 7 months from purchase if doing another FHA loanNo waiting period if new loan is to be conventional. Thank YouNick SchianoAll Island Mortgage496 Smithtown Bypass (Rt 347)Suite 308Smithtown NY 11787Phone-631-979-3300Fax-631-979-3360Cell-516-859-6174---------- Original Message ----------From: My Info To: Nick Schiano Subject: Fwd: kathymondano616 has asked question on Lender411Date: Tue, 04 Oct 2016 09:41:44 -0400

More info needed.. Are you doing a "rate and term" refinance or a "cash out" refinance? Are you going from FHA to FHA? or FHA or Conventional? IF you are going FHA to conventional, then there is no waiting period.. if you are going FHA to FHA, then FHA requires that you have made 6 payments in order to refinance.. you new P&I payment must be at least 5% lower than your existing P&I payment.. If you are looking to pull cash out, then FHA to conventional, no waiting.. FHA to FHA, for a Loan to Value (LTV) of up to 95%, you need 12 months seasoning.. otherwise, you can go up to 85% LTV, with no seasoning.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Hi Kathy, How long have you been in your 203k Loan, how many months.?.?....

As a blanket statement, that may or may not be true depending on what you are doing. We would need more information about what you are trying to do, but generally speaking, your existing FHA loan can be refinanced into a new FHA loan as long as 6 payments have been made, and your payment savings is 5% or more over the old payment. Refinancing that existing FHA into a conventional loan, there is no waiting period or maximum savings requirements. If you are taking cash out, there may be different requirements.

that is not correct, you can refinance anytime after the renovations have been completed