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New Construction and FHA refinancing

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Icon Mini Profile doug





Joined: 07 Jul 2006

Posts: 9

3.11 Dollars($)
Post Posted: Mon Apr 06, 2009 6:33 am    Post subject: New Construction and FHA refinancing
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Can I refinance my loan if I am in my newly constructed home for less than a year? I want an FHA 30 year fixed rate loan and I was told I can not because FHA requires me to be in my home for 12 months from the time I received a CO. Is that correct?
Icon Mini Profile jenkin7
jenkin7




Joined: 04 Jun 2007

Posts: 4537
Location: Hawaii
728.43 Dollars($)
Post Posted: Tue Apr 07, 2009 2:01 am    Post subject:
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Hi doug,

You should live in the property for atleast 12 months. The FHA will check your credit history and see if you had any missed or late payments during those past 12 months. Moreover, you should build some amount of equity in the property before you refinance the existing loan.
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