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How long do I have to wait before I can refinance a FHA Streamline 203k loan?

by melborne77 from Marin, California. May 14th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

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

May 14th 2013
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Dustin Campana (Dustin_Campana)
#859 ranked lender in California - 3 contributions

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

May 14th 2013
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Linda Thompson (LoansbyLinda)
#855 ranked lender in California - 32 contributions

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

May 14th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 400 contributions

6 months to streamline it.

May 14th 2013
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Josh Lund (Josh_Lund)
#47 ranked lender in Minnesota - 113 contributions

Great answer Dustin! You couldn't have said it better!

May 14th 2013
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Carlos Figueira (carlosfigueira)
#108 ranked lender in New Jersey - 199 contributions

For a streamline 6 months payments must be made......if you have equity there are other programs available.

May 14th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

FHA guidelines say 6 payments must be made, so about 7 months..

May 14th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

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.

May 14th 2013
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6 months is accurate. However, the loan itself has to be recorded on title for the past 7 months. If the FHA case number is pulled too early you will get an automatic decline. So, make sure that the FHA case number is not pulled too soon. :)

May 16th 2013
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