Tag: number of payments

Date Used for the Seasoning Requirement for an IRRRL

Question: What date starts the timing for the 210 Day seasoning requirement on an IRRRL? Answer: The note date of the new IRRRL refinance loan must be on, or after, the later of: ● The date on which the borrower has made at least six monthly payments on the loan being refinanced; and ● The […]

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Refinancing to Pay off Debt After Forbearance

Question: My client requested a 3-month forbearance and has now completed that.  How many payments does he need to make in order to refinance and consolidate other debt accrued during COVID? MC Chart – FHA Forbearance Eligibility Answer: A borrower who is paying off debt with an FHA refinance would do so using the Cash […]

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