Posted on: 01st Apr, 2011 09:31 am
we(me and my husband)just refinanced our single family home that we have lived in for 8 yrs to get a lower interest rate. this home is our primary residence. our rate was 6% and we got a 5.25%. we have a 30 year mtg with no points and our first pymt on the new refin. loan will be may 1, 2011. it is a conventional loan. we have excellect credit above 750.
here is my question, we just found out that at the beginning or end of the summer, campus property will be avaible to us and we may need to sale my home. is there a time frame a person has to occupy a home before putting it on the market after you refinance?? please give me all the information you can find.
in about 3 years we will be retiring and we plan to sell our home in nm and move back to tx and maybe purchase a home in tx right after we sell in nm.
here is my question, we just found out that at the beginning or end of the summer, campus property will be avaible to us and we may need to sale my home. is there a time frame a person has to occupy a home before putting it on the market after you refinance?? please give me all the information you can find.
in about 3 years we will be retiring and we plan to sell our home in nm and move back to tx and maybe purchase a home in tx right after we sell in nm.
Yvette, go ahead and do what you have to do; don't worry about any timeframe concerning your refinance. Things happen in life, and that's that. Not only that, but there is no specified time surrounding how long you must stay in a home (period!). If you suddenly came into enough money to pay it off, that's good reason to do so as well...just move on and don't fret about small details like this.
You're okay either way.
You're okay either way.
Lenders only care about occupancy as owner occupied. So if you are selling your house, and you dont have any prepayment penalty, then you are clear to purchase. Problem lies if you wanted to KEEP your current home as owner occ and then buy a new property as owner occ. Many lenders will check on the property in the months after closing. Since you are selling, you are in good shape. Good Luck!
