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nelria12 · Joined: 05 Jul 2010 Posts: 19 0.08 Dollars($)

I was recently told that since my mortgage was sold to Fannie Mae as soon as it was set up, but paperwork still handled by bank who provided mortgage, that I cannot refinance within 3 months (using exception, normally 6 months) of when I cancelled my listing to sell my home through a realtor. Is this true? Why? Additional info: Listed home from 1/13 to 3/13, 2 months, and took off market because of the slowdown of the market.

jameshogg · Posted: Sun Mar 27, 2011 8:37 pm Post subject:

Hi nelria,

Unless you've 20% equity in your property, you won't be able to qualify for a mortgage. Moreover, immediately after the property purchase, you cannot refinance the loan. You need to wait for 8-10 months before a lender agrees to refinance your existing loan.

Thanks

jveenstra · Posted: Mon Mar 28, 2011 7:15 am Post subject: Refinance

FNMA has no restriction after listing a property for sale for a rate and term refinance other than:
1. Subject property must not be listed for sale as of the date of the mortgage application
2. Borrowers must confirm their intent to occupy the subject property

There is a cash out restriction, that if the property has been listed for sale in the past 6 months, the maximum cash out is 70% of the value. The property must have been purchased over six months ago.

In either case, the application can be taken the day after taken off the market.

Those are FNMA guidelines. The lender you speak with can have their own stricter guidelines.

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