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somiah_muslimani · Joined: 29 Aug 2010 Posts: 1 1.36 Dollars($)

We used to rehab houses in Charlotte, NC. We have just recently come back to a place financially to re-enter this industry. We had heard that there is now a refinance period of waiting for 6 months. Prior to this we have purchased a home and refinanced a month later and used the difference for holding costs and rehab funds.

Is there a way to still work with our old process? It would be helpful to purchase and then refinance as soon as possible. Is this an option in todays market? What options do we have?

jameshogg · Posted: Sun Aug 29, 2010 9:45 pm Post subject:

Hi somiah,

Lenders will want you to wait for 6-8 months before letting you refinance the loan. I don't think there are any lenders who would allow you to refinance the loan immediately after you take out a mortgage.

Thanks

Guest

What if there is equity in the home? We are looking at short sales and foreclosures? Houses that are on the market for $50k and valued over $100k.

dipaligopale · Joined: 25 May 2010 Posts: 790 22.70 Dollars($)

Hi Somiah

Refinancing a FHA loan could be easy, but one can not take out cash from this program by refinancing.So, i am doubtful about its usage to your business.

DIPA

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