There is no such rule of thumb for FHA loans. But you may be asked to provide an explanation -- like keeping a job, or changing your mind, or describing your "plan B" justification. Should be ok with most lenders. Call around. Should not be a big deal, especially at this time when a lot of people are trying a lot of nontraditional techniques.
Talk to a lender and use some savings to buy down and do a new 15 year loan if you can.
If your rate is 6% or higher you may find these numbers very comforting.
Should you come back to the selling end of the equation, you should read my blog on this site. I have covered a number of items that could be of interest to you. While I will admit that often times these days price is a key factor in the sale of a home, so is marketing. How was your home marketed? What was your pricing strategy? Did your agent use things like social media to promote your home? Today's market requires a special combination of price and marketing strategy.
Price is the issue in the absense of value.
If you have a Fannie/Freddie loan, you may be able to use one of the HARP programs that will not require you to pay PMI if you are not paying it now.
OK, before I posted this, I see you answered some of the questions. This would not be considered a cash-out if both loans were purchase money, and you have not access the 20% in the last 12 months if it was a line of credit. The idea of a VA loan may be the best one, and the only way for you to combine the 2 loans into one. You will pay a VA funding fee, but there is no monthly MIP or PMI on that.
Feel free to call or e-mail Andrew Adams Salem Five 978-720-5632 or Andrew.Adams@salemfive.com
The reason is they often repackage and resell their loans (for a commission) on the secondary loan market. If too many loans are paid off too quickly, this hurts their reputation with their investors (who buy those loan pools).
Now a negotiating point for you, if the bank asks about this quick change of heart, would be: I have made a definite decision to refinance and stay -- why would I be going through this process and accumulating closing costs on the loan if I weren't planning on staying a good long while?
Like anything... it is always good to shop around and ask questions. I would advise talking with several different lenders... They are out there.. and you won't have to wait 6 months.
I would like to add that two months is not very long for a home to be on the market these days and my busiest time has always been in the fall and winter months. Many sellers take their homes off the market through the winter and holiday months which sometimes creates a different spin on the market. The buyers who have to buy have much less to choose from which gives you selling power. If you are financially able to hold out, I would suggest that you give a few more months.
On the other hand, if you have been in your home for a long time and have a good amount of equity built up, you may be better to refinance and wait it out. Not knowing the details of your situation it is difficult to advise.
Best of luck to you.
Unless this is a law peculiar to MA, this doesn't sound right to me. Your home being on MLS has nothing to do with your refinance. You need to look at the contract verbiage that you have with the listing agent. He/she may have a protection clause that states the names of the people who have viewed your property during the listing. The reason for this is simply that if one of those people listed comes back within a certain period of time (and this time differs from state to state) then that listing agent would have what's called procuring cause.
This was originally put in place to keep sellers from listing with an agent and then making deals on the side. I am not familiar with MA law, so I would suggest you contact a real estate attorney for the legal answer. But my first response is that something was misunderstood.