Is it possible to refinance a home before you have it for a year?

Question

I bought it in August....I need to move away in 8 months...I have high monthy mortgage and I want to refinance so i can lower mortgage and rent it out

Answer 1

Yes, there are many conditions, however. I am a loan officer, and would love to help if I can. I can only do loans in a limited # of states (I assume you are in the USA), but I may be able to set you up with someone reputable. IM me matty_lumpkin on Y! If you (or any other readers..) have re-fi Q's

Answer 2

Owner occupied loans usually require that you live in your house for a year, before being able to rent it out. You will probably be ok with your current loan, assuming something unforseen has caused you to need to move.

If I were in your situation, I would try to find a tenant/buyer interested in a rent to own situation. I would charge your current mortgage and other expenses amount as the rent.

While you could probably not get this amount as a straight rental, there is more demand than supply in the rent-to-own segment of the market.

Answer 3

I see you have lots of contradicting answers but having been in the business and having helped others in your situation I know it can be done. Keep in mind that there are many things taken into consideration other than the preferred 12 month title history but it can be done with limited title history. I highly recommend having a mortgage professional look at your scenario and then make an educated decision. I hope this answers your question but if you have any further questions or would like some free professional advice please feel free to email me.

Answer 4

Hey, I'm a senior loan officer for a nationwide company and beware... you're getting some really bad advice on here!!! there are a lot of things that go into refinancing that most people don't know about. I'd love to chat about your options and some things that would help you get the best rates and lower monthly payments without working against you in the long run! feel free to im me at fuzzface18 if you want to know the truth about refinancing :o)

Answer 5

Yes, it is. However, some lenders are hestitant to lend a higher amount than the original mortgage unless you can prove that you have made significant improvements to the property.

Also, try to avoid the interest only route. This is a fast ticket to foreclosure. The interest is adjustable (and rates have only one way to go, up). In some instances, they can lead to negative amortization (which means you will owe more than your house is worth, making a re-finance impossible). And, after a few years, you have to start making principal and interests payments, which, if you can't afford them now, you won't be able to afford them later.

Answer 6

I am a mortgage consultant signed up with over 160 lenders. Some of my lenders use new appraised value after 6 months. It is best to wait 12 months but if you need to lower payments, you can find someone who will use new appraised value after 6 months. If you are in Arizona, California, Minnesota, Colorado or New Mexico, call me or apply online at my application and website.
http://www.myarizonahomemortgage.com
http://www.azspotlighthomes.com

Answer 7

Unless there is something in your loan argeement that says otherwise, Yes you can.

Read you loan agreement. It would say if you are not allowed to refinance, within a certain period of time,and if there are any fees or fines for doing so.

My loan I could refinace, but if I did it within 3 years with another institution there was a fee.

If I did it through my current institution there was no fee.

Answer 8

Yes its possible.it also depends on the terms of the loan. I am a mortgage broker, give me a call at 631- 355- 6916 and i could help you out with the loan. My name is Johnnie Davis.

Answer 9

Check out an interest only refinance, that will give you the lowest payment.

Answer 10

you can refinance the very next day if you want too