Posted on: 17th Oct, 2012 02:26 am
hello there… we are moving into our former rental property soon. i'm wondering if it will be possible to refinance if it ever regains 20% equity. we have an adjustable mortgage and would want to get rid of that before payments get too high but i'm not sure if that will be possible with a foreclosure on our credit. thank you!
Hi Causey,
You can refinance the property if you have 20% equity in it. Once you start staying in it, the property will be considered as your primary residence. However, apart from the equity, you should also have good credit score and income in order to get qualified for a refinance.
Thanks,
Jerry
You can refinance the property if you have 20% equity in it. Once you start staying in it, the property will be considered as your primary residence. However, apart from the equity, you should also have good credit score and income in order to get qualified for a refinance.
Thanks,
Jerry
The waiting period to get approved for a loan after foreclosure is 3 to 4 years. Anyways, if you can attain 20% equity in your home, it may be possible for you to refinance the property.