Can I refinance my house if I only payed about 12%

Question

I bought a brand new house, and it’s been 1 year do you guys know where anyone would let my refinance still? I haven’t paid the house off yet

Jamiel Jackson · Answer

were are you located

is this your primary residence?

Adam Bartomeo · Answer

From what I understand, Fannie and Freddie switched their guidelines for seasoning again. They are requiring a 12-month seasoning period if you would like to refi at the full appraised value. As long as you have passed 12 months than you will have to move on to, how much equity do you have in the property. In most cases, If it is a primary residence they will want you to retain at least 20% of the appraised value in the property. After that it is just a game of math and if it makes sense for you. If the property is worth $200k, you have to keep $40k in it, (depending on what your payoff is) lets say $100k, this would give you $60k you could take out. But, you will probably pay $10k in loan fees. That would put you around 17% in fees. You will have to do the math.

Erik Estrada · Answer

You only have 12% equity? Why would you want to refinance?

Simmy Ahluwalia · Answer

Is this for your Primary or Investment Property?

Denver McClure · Answer

Hey @Ozzy Moe, I'd need more details to confirm what your options are, but we have a network of lenders we can speak with to find a solution. Feel free to PM me.

Can I refinance my house if I only payed about 12%

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