There is no technical length of time that a property must be owed before it can be refinanced. There are restrictions for the first 12 months of ownership though. For most loan programs, the lesser of the sales price or the current appraised value is used in determining the maximum loan to value in the first 12 months.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortage programs including:
Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® |
HomePathÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing... more
In addition to the answers listed below remember that mortgage interest rates are at historic lows as are property values in the metro Atlanta area. Additionally, by owning a home, you will be able to deduct your mortgage interest and property taxes each year, lowering your net mortgage payment another 15-20%.
I have attached a helpful website that allows you to compare buying a home to renting.
Good luck in your decision. Feel free to email me with home financing questions.
Timothy Brown | Senior Loan Officer
Academy Residential Mortgage, Inc.| email@example.com
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959... more
Much will depend on the type of loan and downpayment amount--but there are other factors besides credit that determine loan qualification; therefore visit with any qualified loan officer, after reviewing your overall financials, credit, debt, etc., a determination can be made....... more