Financing in Santa Ana>Question Details

John Logan, Home Buyer in Los Angeles, CA

How long does one needs to wait before refinancing a new home after you sold your previous home on short sale and the new home is a FHA loan.?

Asked by John Logan, Los Angeles, CA Fri Apr 19, 2013

Help the community by answering this question:


Dear John, The property needs to build equity before you can refinance, so it is not a set time, it depends in the economy. Most lenders will lend you 80% of the appraised value. Also, what is the reason you need to refinance, if your interest rate is at 4% most likely the interest rates are going up, not down.
I recommend refinancing only if you are getting an interest rate 1.5 less than what you have, to make it worthwhile your expense.

I am a realtor with 26 years in the business, I hope my information helps you.

Rocio Medel
0 votes Thank Flag Link Wed May 8, 2013
If you haven't already found your answer, please feel free to contact me direct. I am an expert in field of funding purchases after a short sale. Check out my Recommendations, you will find many past and current clients who I've helped even with mortgage lates. It's a difficult deal, don't put yourself in the hands of a rookie.

Best of Luck!
Web Reference:
0 votes Thank Flag Link Fri Apr 26, 2013
It sounds like you either managed to short sell you home with out having any late payments on your mortgage or maybe you bought the new home before selling, otherwise you would not have a FHA loan now.
So the answer is that after a short sale if you have any late payments you need to wait 3 years. on the other hand if you have any late payments the waiting period is 3 years at this time. On the other hand we may be able to streamline your existing FHA loan and lower your payments now even though the three years may not be up.
Would really need to put in a loan application to find out.
0 votes Thank Flag Link Tue Apr 23, 2013
Give me a call. I am a Mortgage Banker and may be able to help you. Feel free to call me at 949-777-2109.

Eddie W. de Leon
Senior Loan Officer
NMLS #238369
0 votes Thank Flag Link Tue Apr 23, 2013
That would depend on the loan. Some may have a condition to wait x amount of days, some have no conditions to refi
It will be up to the lender you have on your new home or any other lender you apply to. The big name lenders would probably be the same in what they answer, then there are mortgage brokers and they are all different in what they can do since there financing money comes from different venues
You may have a better chance with a mortgage broker. If you would like a list of them just send me an email
I know to purchase a home you would have to wait 2 years minimum

Ingrid Ski Realtor
0 votes Thank Flag Link Fri Apr 19, 2013
It is possible to buy a new home immediately after a short sale if you did not have any thirty day lates on the mortgage.

Otherwise 3 years is a good answer.
0 votes Thank Flag Link Fri Apr 19, 2013
Hey John,

You will have to wait 3 years.

Jòvan Simon
Account Executitive
Hmac Funding
0 votes Thank Flag Link Fri Apr 19, 2013
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