To refinance with cash back, you’ll need to have made at least 12 consecutive payments post-forbearance
Some borrowers using the FHA Streamline Refinance may qualify with fewer than 3 payments. FHA loans - According to the Federal Housing Administration, you must have made at least 3 consecutive payments after exiting forbearance to be eligible for most FHA refinances.If you have a conventional loan backed by Fannie Mae or Freddie Mac, you must make three consecutive payments after you’ve exited forbearance before you become eligible for refinancing.ĭifferent terms may apply if you have a government-backed loan, including FHA, VA, and USDA mortgages. Your refinance timeline depends on the type of mortgage loan you have. How soon can I refinance after exiting forbearance? Verify your refinance eligibility (Oct 2nd, 2021) But there are special rules to be aware of. The good news is, refinancing after forbearance is generally allowed.
This could reduce your monthly payments and make your home loan more affordable. With mortgage rates near record lows, you may want to refinance. And you’re probably wondering what comes next. If you took advantage of a forbearance plan offered under the CARES Act, the forbearance period may be ending soon.
