I was told FHA loans can not be refinanced for 12 months using a new appraised price (the refi has to be on the buy price, not the appraised price). That is right, but, I was also told that I would have to wait for 6 months after the buy to refi with a conventional loan using the appraised value rather than sale price. Is this right.. as much info as possible would be fantastic
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That is right if you were gettinig an FHA loan but not for a conventional one. Some lenders only require 3-6 months seasoning so you can use the new appraised value.
Make sure that you get a refund from the upfront mortgage insurance that you paid for the FHA loan. You will get 100% of it back at this time. Your upfront MI was 1.5% of your loan.