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How soon can I refinance an FHA mortgage?

I co-borrowed an FHA mortgage to purchase a home but I would like to refinance so that I'm the only one on the loan. How soon can it be done after getting the mortgage? by EBrown from Coral Springs, Florida. Nov 14th 2012 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,659 contributions

once you can prove you have made the payments on your own out of an account that is not shared, then you can refinance and remove the other co borrower... the lender will require 12 monthly canceled checks or 12 monthly bank statements showing the payment... the account used to make the payment must be in your name only... you will still need to qualify, and have sufficient credit and income, but you can remove a co borrower after 12 months.. 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

Nov 14th 2012
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Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

Usually one year and you will of course have to requalify on your own merrit.

Nov 14th 2012
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Patrick McCarthy (PatrickM)
#22 ranked lender in Ohio - 196 contributions

You would be eligible for a FHA Streamline refi with income verification after 6 payments have been made, if the reason to remove the other owner is acceptable. 6 payments have to be made before any FHA loan can be refied. Holpe this helps.

Nov 14th 2012
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,821 contributions

The answer depends on who is being removed, and why. The absolute minimum is six full months from the first payment due date, and a minimum of 210 days from the date the loan closed escrow to qualify for a streamline refinance. There are only a few acceptable reasons for removing a borrower during a streamline, including their death. Otherwise, most lenders will allow you to credit qualify on your own, at almost any time. Some lenders may have a 6 or 12 month mandatory wait period, but that is their rule and they are the exception. A credit qualifying refinance means you will have to qualify by meeting all of the income, credit and appraised value requirements on your own. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Nov 14th 2012
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Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

You can refinance the other person off the loan as long as you can show proof of 12 full months mortgage payments being made by you. The 12 months payments must have been made from an account that is not joint with the other borrower.

Nov 14th 2012
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Kenneth Kopper (KenKopper)
#19 ranked lender in Maryland - 542 contributions

The answer would depend on the reason why you had a co-borrower for the FHA loan and whether or not that reason has been addressed since then.

Nov 14th 2012
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,240 contributions

You probably can do it as soon as qualify for the loan on your own circumstances, or for a streamline, when you have made 12 payments and can prove you made the payment from your own funds. I'll be happy to help when you are ready. pdumouchel@primelending.com or 843.619.6025

Nov 14th 2012
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Nicolas Amaro (NickAmaro)
#92 ranked lender in New Jersey - 23 contributions

You may do a streamline refinance after 12 monthly payments from your personal account. Of course you must still qualify with proper credit and income. I would be happy to help you refinance when you are ready. My Florida number is 786 417 0004. Feel free to call me for any other concerns. Nick Amaro from Intercounty Mortgage Network Corp.

Nov 14th 2012
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Ken Choy (ken_179_130)
#176 ranked lender in Florida - 4 contributions

You can refinance anytime as long as you qualify for the new loan. I'm located in Stuart, FL and serve the entire state with most of my clients are concentrated in South Florida. Please visit my website at www.fidelitysofl.com or call me at 561-339-9446 if you would like to discuss at your convenience. Ken

Nov 14th 2012
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