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Can a FHA loan be refinance into a conventional loan after 120 days from purchase date?

Written By: admin on June 27, 2009 One Comment

I was told FHA loans can not be refinanced for 12 months using a new appraised price (the refi has to be on the buy price, not the appraised price). That is right, but, I was also told that I would have to wait for 6 months after the buy to refi with a conventional loan using the appraised value rather than sale price. Is this right.. as much info as possible would be fantastic


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One Response to “Can a FHA loan be refinance into a conventional loan after 120 days from purchase date?”

  1. brandonbroker on: 27 June 2009 at 2:05 am

    That is right if you were gettinig an FHA loan but not for a conventional one. Some lenders only require 3-6 months seasoning so you can use the new appraised value.
    Make sure that you get a refund from the upfront mortgage insurance that you paid for the FHA loan. You will get 100% of it back at this time. Your upfront MI was 1.5% of your loan.

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