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Purchased a condo in 5/2014. Do I have to wait a certain amount of time before I can refi?

by mark_p942 from Ocean View, Delaware. Mar 10th 2016 Reply


Mario Jackson (mjmillennium)
#1 ranked lender in Ohio - 6 contributions

The property is currently seasoned more than one year which means you can refinance now if you have the equity.

Mar 10th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

Typically its 6 months.. But some states have laws that say you cannot refinance for 1 year.. but in your scenario, you can do it now.. 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

Mar 10th 2016
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Kay Cleland (kay@kcmortgagecolorado.com)
#33 ranked lender in Colorado - 210 contributions

In general it is 6 months, however if you are wanting to do cashout it may be 12 months. Talk to your local mortgage professionals - www.namb.org and they are happy to assist you.

Mar 10th 2016
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Jesse Stroup (jessestroup)
#196 ranked lender in California - 589 contributions

No, usually a homeowner will need to wait 6 months after the close of the loan; for seasoning purposes. Anyone can refinance as long as you meet all the lending guidelines. I hope this helps.Jesse Stroup | Mortgage Banker | California NMLS# 6229 | 510-704-3445Please contact me for more information.

Mar 11th 2016
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Sara Deere (SARAinMO)
#39 ranked lender in Kansas - 486 contributions

It really depends on the type of purchase loan. For example with FHA in order to not use the purchase price, you must wait 12 months and a day after the closing papers were signed. Since the purchase was made in 5/2014, you should be able to refinance at this time.

Mar 11th 2016
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