Can a FHA loan be refinance into a conventional loan after 120 days from purchase date?

I was told FHA loans can not be refinanced for 12 months using a new appraised price (the refi have to be on the purchase price, not the appraised price). That is true, however, I was also told that I would have to dawdle for 6 months after the purchase to refi with a conventional loan using the appraised value fairly than sale price. Is this true.. as much info as possible would be great
Answers:
That is true if you were gettinig an FHA loan but not for a conventional one. Some lenders single require 3-6 months seasoning so you can use the new appraised value.
Make sure that you catch a refund from the upfront mortgage insurance that you paid for the FHA loan. You will grasp 100% of it back at this time. Your upfront MI was 1.5% of your loan. Source(s): Mortgage Banker

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