My mortgage broker that I have worked with in the past told me that I needed to wait a year to get my property refinanced out of my FHA loan. I did a 203k loan and put $140k into the property and pretty sure I have at least 20% equity in it and want to get out of my PMI. Long story short, I was under contract for 6 months and pretty sure my appraisal came back Fall 2016... so if my apprasial is over a year old, do I still have to wait three more months to refinance?
I am really not that impatient, I just have other strageties up my sleeve that I am trying to execute and this is holding me from moving forward! Any information or guidelines within loans would be helpful!
That I know of, there is no requirement for you to have been on title any longer than 6 months for a cash out refinance via Fannie Mae & Freddie Mac. Obviously you have that time frame nailed down. You can do a rate and term refinance (paying off your underlying liens and covering closing costs) at 1 day on title.
That's the beauty of doing the 203K and then immediately refinancing to a Fannie Mae because you have the equity and can get rid of the MI.
i'm lost as to why your broker is telling you different?