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How soon can I refinance?

I recently got a first home with a FHA and I received a lender credit to help finance my closing costs. How soon can I refinance my current loan to get in on these low interest rates and is it possible to eliminate the extra interest I'm paying for the lender credit? by thomas_982_256 from San Jose, California. Oct 26th 2011 Reply


George Taylor (george@georgeataylor.com)
#532 ranked lender in California - 3 contributions

It is possible to do a FHA Streamline refinance after you make your 6th payment on your current FHA loan.

Oct 26th 2011
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,588 contributions

With FHA, you have an option to Streamline refinance at the lower interest rates without having to fully qualify, and no appraisal is required. You must have made at least 6 monthly payments, zero late (30 days or more) in the last 3 payments and no more than 1 late payment in the last 12 payments. FHA guideline also states you must be lowering your payment at least 5%. keep in mind that FHA recently increased their monthly Mortgage Insurance premium, so depending on what your paying now could determine if you actually meet that guideline. WilliamAcres.com

Oct 26th 2011
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Gregorio Denny (GVDenny)
#255 ranked lender in California - 380 contributions

There is no waiting period is you do a standard FHA refi with an appraisal. Check my profile for rates and contact me.

Oct 28th 2011
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Korene Clopine-Seaman (korene)
#69 ranked lender in Arizona - 87 contributions

Thomas, There is no waiting period is you do a standard FHA refi with an appraisal. For an FHA loan, you have an option to Streamline refinance at the lower interest rates without having to fully qualify, and no appraisal is required. You must have made at least 6 monthly payments, zero late (30 days or more) in the last 3 payments and no more than 1 late payment in the last 12 payments. FHA guideline also states you must be lowering your payment at least 5%. keep in mind that FHA recently increased their monthly Mortgage Insurance premium, so depending on what you are paying now, we would need to determine if you actually meet that guideline Please call me at your convenience 623-340-0934

Nov 2nd 2011
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