Key Takeaways
- You may be able to refinance right away, though some loans require a short wait of 6 to 12 months.
- Conventional loans often give you the quickest path to refinancing.
- Keeping up with on-time payments and maintaining solid credit helps you qualify sooner.
You may be able to refinance your mortgage right away, depending on your loan type. Some homeowners can refinance immediately with no waiting period, while others need to wait as little as six months, and rarely longer than a year.
In this article (Skip to...)
- How soon can you refinance a mortgage?
- Conventional loan refinancing timeline
- FHA loan refinancing timeline
- VA loan refinancing timeline
- USDA loan refinancing timeline
- Jumbo loan refinancing timeline
- Additional resources
- FAQ
How soon can you refinance a mortgage?
For many borrowers, refinancing can happen sooner than expected. The table below breaks down how quickly you may be able to refinance based on your loan type.
Verify your refinance eligibility. Start here| Loan Type | Refinance Waiting Period (Seasoning) | Typical Credit Score Range | Typical DTI Ratio |
|---|---|---|---|
| Conventional | No wait for rate-and-term; 6 months for cash-out | 620–720+ | Under 50% (lenders prefer 36% or less) |
| FHA | Streamline: 210 days + 6 payments; Rate-and-term: 6 months; Cash-out: 12 months | 580+ (some lenders will go lower) | Varies, but many lenders cap it at 43% |
| VA | 210 days or 6 on-time payments (whichever is later) | 620+ (lender-specific) | Generally around 41%, but can be higher with a strong credit score |
| USDA | Streamline: 6–12 months; Streamlined-Assist: 12 months; Non-Streamlined: 12 months | 640+ (lender-specific) | 41% is the standard, but can go up to 45% in some cases |
| Jumbo | Varies by lender, often 6–12 months | 680–700+ | Under 50% (lenders prefer 43% or less) |
Conventional loan refinancing timeline
Refinance Timeline: No wait for rate-and-term; 6 months for cash-out.
If Fannie Mae or Freddie Mac backs your conventional loan, you may be able to refinance immediately after closing. However, many lenders enforce a six-month “seasoning period” before allowing you to refinance with them again, though switching to a different lender can often bypass this wait.
Not all conventional loans are backed by Fannie or Freddie, so check with your lender or servicer. Also, confirm whether your current loan has a prepayment penalty, as that could impact your ability to refinance early.
Conventional loan refinancing considerations
- Lender rules vary: Even if Fannie Mae or Freddie Mac back your loan, your lender may still require a six-month wait.
- Switching lenders: You might avoid a seasoning period by refinancing with a new lender.
- Loan type matters: Rate-and-term refinances can happen right away, but cash-out usually requires a six-month wait.
- Check for penalties: A prepayment penalty could make refinancing early more costly.
- Confirm loan backing: Not all conventional loans are Fannie/Freddie backed—verify with your lender or servicer.
Rules for a conventional cash-out refinance
Most lenders require a six-month waiting period after your original mortgage closing to qualify for a conventional cash-out refinance. You also typically need at least 20% equity in your home. If you made a sizeable down payment or your home has appreciated, you may already meet that threshold.
If you’re mainly looking to access cash, a home equity loan or a home equity line of credit (HELOC) may offer a more cost-effective alternative without refinancing your entire mortgage.
Check your cash-out refinance eligibility. Start here
FHA loan refinancing timeline
Refinance Timeline: 210 days for Streamline; 6 months for rate-and-term; 12 months for cash-out
The Federal Housing Administration requires different waiting periods depending on the type of refinance:
- FHA Streamline Refinance: Requires at least 210 days since your original loan and six on-time payments.
- FHA rate-and-term refinance: Requires a six-month wait and no more than one late payment in the past 12 months.
- FHA cash-out refinance: Requires at least 12 months of homeownership. If you’re refinancing an existing mortgage, it must be at least six months old, with on-time payments for the past year
FHA loan refinancing considerations
- Payment history matters: On-time payments are required for all FHA refinance options.
- Streamline limits: FHA Streamline requires 210 days since closing and six on-time payments.
- Rate-and-term rules: Must wait six months, with no more than one late payment in the past year.
- Cash-out is strictest: You need at least 12 months of ownership and a clean 12-month payment record.
- Check lender overlays: Some lenders may add stricter requirements beyond FHA minimums.
VA loan refinancing timeline
Refinance Timeline: 210 days or 6 on-time payments (whichever is longer) for both VA refinance options
The Department of Veterans Affairs requires a waiting period of at least 210 days from the original loan closing or six on-time monthly payments, whichever comes later. This rule applies to both VA refinance options: the VA cash-out refinance, which lets you tap into your home’s equity, and the Interest Rate Reduction Refinance Loan (IRRRL), also known as the VA streamline refinance.
VA loan refinancing considerations
- Same rule for both options: The 210-day / six-payment wait applies to VA cash-out and IRRRL (streamline) refinances.
- On-time payments required: You must be current on your mortgage with no missed payments during the wait period.
- Equity access: A VA cash-out refinance allows you to borrow against your home’s value, but eligibility still follows the same waiting rule.
- Streamline benefits: The IRRRL can simplify refinancing but isn’t exempt from the VA’s timeline requirement.
- Lender overlays: Some lenders may impose additional restrictions beyond VA minimums.
USDA loan refinancing timeline
Refinance Timeline: 12 months of on-time payments for most USDA refinances; 6–12 months for Streamline
To refinance a USDA loan, you typically need 12 months of on-time payments. The United States Department of Agriculture offers three options: Streamline, Streamlined-Assist, and Non-Streamlined. The streamline option may allow refinancing after 6 to 12 months, depending on the lender, while the other two require a full 12-month payment history.
USDA loan refinancing considerations
- Payment history is key: Most USDA refinance options require 12 consecutive on-time payments.
- Three refinance types: USDA offers Streamline, Streamlined-Assist, and Non-Streamlined refinances.
- Streamline flexibility: Some lenders may approve a Streamline refinance after just 6 months, though many still require 12.
- Stricter options: Streamlined-Assist and Non-Streamlined refinances both require a full year of on-time payments.
- Lender rules differ: Confirm with your lender, as requirements can vary by program and provider.
Jumbo loan refinancing timeline
Refinance Timeline: No federal rule; lender requirements vary (often 6–12 months)
Jumbo loans, also known as non-conforming loans, aren’t regulated by Fannie Mae or Freddie Mac, so there’s no required waiting period set by federal guidelines. However, many lenders impose their own seasoning requirements before allowing a refinance. Check with your loan officer to understand your lender’s specific refinancing timeline and requirements.
Jumbo loan refinancing considerations
- No set standard: Jumbo loans aren’t regulated by Fannie Mae or Freddie Mac, so there’s no universal waiting period.
- Lender seasoning rules: Many lenders require 6–12 months before allowing a refinance.
- Wide variation: Some lenders may permit sooner refinancing, while others enforce longer timelines.
- Check directly: Always confirm your lender’s specific requirements with your loan officer.
- Higher stakes: Because jumbo loans involve large balances, expect stricter underwriting and documentation when refinancing.
Additional resources
Looking for more information? We’ve created additional articles that explore specific information for people looking to refinance. Be sure to check out the resources below to dive deeper into your options.
Can I Refinance My Home After 1 Year? | Rules & Eligibility
I Just Refinanced — Can I Refinance Again?
FAQ: How soon can you refinance your mortgage loan?
Verify your refinance eligibility. Start hereIn most cases, you’ll need to wait at least six months after buying a house before you can refinance. Some government-backed loans, such as FHA, VA, and USDA loans, may have different waiting periods ranging from 6-12 months.
There is no legal limit on how often you can refinance your home. However, most lenders require a six-month waiting period between refinances. Keep in mind that refinancing involves closing costs, so it’s essential to ensure that the benefits of refinancing outweigh the expenses.
Refinancing typically takes between 30 and 60 days to complete. Government-backed Streamline Refinance loans, which often don’t require an appraisal, may close faster.
When you refinance, mortgage lenders check your credit report using a hard credit pull. A hard pull can knock a few points off your score. However, you can get refinance quotes from multiple lenders without having multiple credit dings. As long as you get all your quotes within a reasonable shopping period (2-4 weeks), all credit inquiries during that time count as a single event. So the effect on your credit will be minimal, typically five points or less.
There are two main ways to avoid closing costs when you refinance. First, you can look for a no-closing-cost refinance, which typically means the lender covers your closing costs in exchange for a higher interest rate. Or, you can roll closing costs into your new loan balance. With this method, closing costs are financed along with the rest of your mortgage, so you don’t owe anything out of pocket on closing day.
Yes. When you refinance, you’re opening a brand new mortgage loan. So you start your repayment schedule over on day one. You have the option of choosing a shorter loan term when you refinance, such as refinancing a 30-year mortgage into a 15-year mortgage to pay off the loan sooner. However, a shorter loan term means a larger monthly payment.
Sometimes. FHA and VA loans have streamline refinance programs that may not require a credit check, assuming you meet certain conditions. However, a cash-out refinance or switching to a different type of loan, such as replacing an FHA loan with a conventional loan without PMI, would require a credit score of at least 620.
