Is there a time frame when refinancing?

Question

We have a VA loan, but have been paying on it for only 5 months. Do we have to wait for a year before we can think about it? Any additional info would be greatly appreciated.

Answer 1

No time frame.  Usually you can only use the purchase price that you paid as the "appraised" price for the new loan... that lasts for 12 months.  When prices were going up, people would pay $100,000 and try to refinance for $120,000 3 months later by saying that they had a $120,000 appraisal. They can't.

I'm a vet. /

Answer 2

Depends on the lender, some lenders will want you to wait 6 months, some will make you wait a year.