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New Construction and FHA refinancing

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doug Joined: 07 Jul 2006 Posts: 9 3.11 Dollars($)	Posted: Mon Apr 06, 2009 6:33 am    Post subject: New Construction and FHA refinancing Like 0 Dislike 0 Can I refinance my loan if I am in my newly constructed home for less than a year? I want an FHA 30 year fixed rate loan and I was told I can not because FHA requires me to be in my home for 12 months from the time I received a CO. Is that correct?
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Tue Apr 07, 2009 2:01 am    Post subject: Like 0 Dislike 0 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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