When can i refi my house?

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Submitted by detourbeach on November 25, 2008 - 7:05pm

I bought a home in SD around Aug. 1st for $301k, 10% down so my loan is for $270,900.

My appraisal for my lender came in at $370k.

Now, I am confused when I can refi and for how much? One lender told me I could refi now for the original loan amount. Another said I had to wait a year. Another said if I want to refi for cash out I have to wait for the 6 month mark.

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All of the above are correct
Submitted by lonestar on November 26, 2008 - 10:51am.

All of the above

are correct detourbeach. If you do what we call a "rate and term" refinance, that is just to improve your interest rate, you can do it now. If you want cash out, Fannie Mae requires you wait 6 months, FHA requires 1 year.

Please feel to contact me for more information:

Dave Bacon
Windsor Capital Mortgage
619-280-3300

davebacon [at] davebacon [dot] com

You had a house that went up
Submitted by peterb on November 26, 2008 - 1:23pm.

You had a house that went up in value in 2008? Dont lollygag on the refi. Confirm that appraisal as well with believable comps.