How Often Can You Refinance Your Home?  

Refinancing a home mortgage can provide substantial financial benefits, from lowering monthly payments to accessing home equity for important expenses. However, homeowners often wonder: how soon can I refinance my mortgage? The answer depends primarily on the type of loan you have and the refinancing option you choose. Each refi loan program—conventional, FHA, VA, USDA, and Non-QM—has specific seasoning requirements that determine the minimum waiting period before you can refinance your house.

How Soon Can You Refinance a Home Mortgage?

Understanding these seasoning requirements is crucial for planning your financial strategy. These waiting periods exist to protect both lenders and borrowers, ensuring mortgage stability and preventing predatory lending practices. The RefiGuide published this comprehensive guide examines the refinancing seasoning requirements across all major loan types, helping you determine when you can refinance your home mortgage.

What is Mortgage Seasoning?

Mortgage seasoning refers to the minimum waiting period required between taking out a mortgage and refinancing it. This requirement ensures that borrowers have established a payment history and demonstrated financial stability before accessing new loan terms or tapping into home equity. Seasoning periods vary significantly based on the loan type, refinancing option, and whether you’re doing a rate-and-term refinance or cash-out refinance.

Lenders use seasoning requirements to verify that borrowers are committed to their property and can reliably make mortgage payments. These requirements also help prevent mortgage fraud and property flipping schemes that can destabilize the housing market. For homeowners, understanding seasoning requirements helps set realistic expectations about when refinancing becomes an option.

Fannie Mae Conventional Loan Refinancing Requirements

Fannie Mae, one of the largest buyers of conventional mortgages in the United States, updated its refinancing seasoning requirements in March 2023. These changes significantly impact homeowners with conventional loans who want to access their home equity. Let’s discuss how soon you can refinance a conventional mortgage from Fannie Mae.

Limited Cash-Out Refinance

For a Fannie Mae limited cash-out refinance (also called rate-and-term refinance), at least one borrower must have been on title for at least 120 days (approximately four months) before the refinance application. This type of refinance allows minimal cash back—no more than $2,000 or 2% of the loan amount, whichever is less—and is primarily used to change the interest rate or loan term.

The 120-day requirement applies from the date the borrower’s ownership was recorded on the property title. Exceptions exist for inherited properties, properties awarded through divorce settlements, or properties obtained through legal dissolution of domestic partnerships.

Fannie Mae Cash-Out Refinance

Fannie Mae’s cash-out refinance seasoning requirements are more stringent. As of March 2023, when refinancing to pay off an existing first mortgage, the original loan must be seasoned for at least 12 months. This means 12 full months must pass between the note date of the original mortgage and the note date of the cash-out refinance.

Additionally, the property must have been owned by the borrower for at least six months prior to the disbursement date of the new mortgage. These dual requirements—12 months for the mortgage and six months for property ownership—work together to ensure borrowers have adequate equity and payment history before accessing cash.

The 12-month seasoning requirement does not apply when paying off subordinate liens or when one owner is buying out another owner’s interest pursuant to a legal agreement (such as in divorce situations). In these special circumstances, the standard six-month ownership requirement still applies.

Freddie Mac Conventional Loan Refinancing Requirements

Freddie Mac, the other major conventional loan purchaser, implemented similar seasoning requirement changes in March 2023, aligning closely with Fannie Mae’s guidelines. These parallel requirements provide consistency across the conventional loan market. We will consider how quickly you can refinance a conventional loan from Freddie Mac.

Limited Cash-Out Refinance

Freddie Mac’s limited cash-out refinance (no cash-out refinance) requires that the existing mortgage being refinanced must have a promissory note date at least 30 days prior to the new loan’s note date when none of the borrowers have been on title for the required ownership period. This relatively short waiting period allows for quick refinancing to capture better interest rates or change loan terms.

However, standard ownership seasoning of at least six months still applies. At least one borrower must have been on title for six months prior to the disbursement date of the refinance, with exceptions for inherited properties and legal transfers.

Freddie Mac Cash-Out Refinance

Freddie Mac’s cash-out refinance requirements mirror Fannie Mae’s stricter standards. When refinancing to pay off a first lien mortgage, the existing loan must be seasoned for at least 12 months. This means at least 12 months must pass between the note date of the mortgage being refinanced and the note date of the cash-out refinance mortgage.

The seasoning requirement is measured from note date to note date and must be documented in the mortgage file through the credit report or title commitment. Like Fannie Mae, Freddie Mac exempts special-purpose cash-out refinances, such as those used to buy out a co-owner’s equity pursuant to legal requirements. Learn more below about refinancing a home loan at no cost.

FHA Loan Refinancing Requirements

Federal Housing Administration (FHA) loans, popular among first-time homebuyers due to their low down payment requirements, have distinct refinancing guidelines depending on the refinance type chosen. Let’s dice into the guidelines that reveal how fast you can refinance a home mortgage insured by FHA.

FHA Streamline Refinance

The FHA Streamline Refinance program allows existing FHA borrowers to refinance with minimal documentation and no appraisal required in most cases. To qualify, borrowers must meet specific seasoning requirements:

• At least six payments must have been made on the existing FHA mortgage
• At least six full months must have passed since the first payment due date of the existing mortgage
• At least 210 days must have passed since the closing date of the existing mortgage

All three conditions must be satisfied before a borrower can proceed with an FHA Streamline refinance. This means the earliest you can typically refinance is between seven and eight months after closing on your original FHA loan.

FHA Cash-Out Refinance

FHA cash-out refinancing has more stringent requirements. Borrowers must have owned and occupied the property as their primary residence for at least 12 months prior to the case number assignment date. This 12-month occupancy requirement ensures that borrowers have established themselves in the home before accessing equity.

Additionally, any mortgage liens being paid off through the cash-out refinance must be seasoned for at least six months. The maximum loan-to-value (LTV) ratio for FHA cash-out refinances is 80%, meaning borrowers must maintain at least 20% equity in their homes.

The 12-month ownership requirement does not apply to inherited properties. For standard rate-and-term FHA refinances (not streamline), borrowers may refinance immediately after purchase, but the property value used will be the lesser of the original purchase price or current appraised value.

VA Loan Refinancing Requirements

Veterans Affairs (VA) loans offer eligible service members, veterans, and surviving spouses favorable refinancing options with specific seasoning requirements designed to ensure the refinance provides genuine financial benefit. We will outline the rules for how soon you can refinance a VA mortgage backed by the Veterans Affairs.

VA Interest Rate Reduction Refinance Loan (IRRRL)

The VA IRRRL, also known as the VA Streamline refinance, is designed for veterans with existing VA loans who want to reduce their interest rate or switch from an adjustable-rate to a fixed-rate mortgage. The seasoning requirements are:

• The borrower must have made at least six consecutive monthly payments on the loan being refinanced
• At least 210 days must have passed since the first payment due date of the existing loan
• The note date of the new refinance loan must be on or after whichever date is later: 210 days after the first payment due date, or the date the sixth monthly payment was made

These requirements ensure that borrowers have established a payment history before refinancing. For modified loans, the seasoning requirement is calculated from the first payment due date on the loan modification agreement.

The IRRRL must provide a net tangible benefit to the borrower. For fixed-rate to fixed-rate refinances, the interest rate must be reduced by at least 0.5%. For refinances from an adjustable-rate to a fixed-rate mortgage, the new rate must be at least 2% lower than the previous rate.

VA Cash-Out Refinance

VA cash-out refinances allow veterans to refinance any type of existing loan (not just VA loans) into a VA loan while taking cash from their home equity. The seasoning requirements for VA cash-out refinances are similar to IRRRL requirements:

• At least six consecutive monthly payments must have been made on the loan being refinanced
• At least 210 days must have passed since the first payment due date of the original loan

For VA-to-VA cash-out refinances, both conditions must be met. When refinancing a non-VA loan into a VA cash-out refinance, most lenders require six to twelve months of ownership or payment history, though this varies by lender as it represents an internal guideline rather than a VA requirement.

USDA Loan Refinancing Requirements

United States Department of Agriculture (USDA) loans serve rural and suburban homebuyers with low to moderate incomes. In December 2024, USDA significantly reduced its refinancing seasoning requirements to provide more refinancing opportunities to borrowers. Let’s review the guidelines for how fast you can refinance a USDA mortgage in 2026.

USDA Refinance (Non Streamline)

The USDA non-streamlined refinance (also called rate-and-term refinance) seasoning period was reduced from 12 months to 180 days, effective for loan applications dated January 23, 2025, or later. This significant change allows borrowers to refinance much sooner than previously permitted.

The existing USDA loan being refinanced must have closed at least 180 days prior to the request for Conditional Commitment. Seasoning is measured from the note date of the existing USDA mortgage to the Conditional Commitment date of the new mortgage. Additionally, the loan may not have any delinquencies within the 180-day period prior to agency submission.

USDA Streamlined-Assist Refinance

The USDA Streamlined-Assist refinance offers the most streamlined process with no credit documentation or debt-to-income ratio requirements. To comply with both USDA and Ginnie Mae requirements, borrowers must meet these seasoning conditions:

• The request for Conditional Commitment must be at least 180 days after the note date of the USDA loan being refinanced
• The borrower must have made at least six consecutive payments on the loan being refinanced as of the note date of the new loan
• The first payment due date on the new loan must be no earlier than 210 days after the first payment due date on the loan being refinanced

All mortgage payments within the past 180 days must have been made on time, with no payments 31 or more days late. The refinance must also provide a net tangible benefit—defined as a $50 or greater reduction in the combined monthly principal, interest, and annual fee.

USDA Streamlined Refinance

The standard USDA Streamlined refinance requires income and credit documentation, unlike the Streamlined-Assist option. The seasoning requirements are identical to the Streamlined-Assist: 180 days from closing with all payments current in the past 180 days. An appraisal is not required unless the borrower has a USDA direct loan with a payment subsidy.

USDA does not offer cash-out refinancing. Borrowers seeking to access home equity must refinance into a different loan type, such as conventional, FHA, or VA loans, which each have their own seasoning requirements.

Non-QM Loan Refinancing Requirements

Non-Qualified Mortgage (Non-QM) loans serve borrowers who don’t fit traditional lending criteria, such as self-employed individuals, real estate investors, or those with non-traditional income sources. These loans offer more flexibility than conventional, government-backed options, including seasoning requirements. Let’s review the 2026 rules for how soon you can refinance a a non qualified mortgage mortgage.

Flexible Seasoning Standards

Non-QM lenders typically impose their own seasoning requirements as these loans are not sold to Fannie Mae or Freddie Mac and thus aren’t subject to their guidelines. Many Non-QM lenders offer programs with minimal or no seasoning requirements, making them attractive to real estate investors and fix-and-flip professionals.

Some Non-QM lenders offer no-seasoning cash-out refinance programs that allow borrowers to access improved property values immediately after renovations without waiting six or twelve months. These programs typically qualify properties based on their debt-service coverage ratio rather than the borrower’s personal debt-to-income ratio, focusing on the property’s rental income potential.

Typical Non-QM Seasoning Requirements

When Non-QM lenders do impose seasoning requirements, they often range from zero to six months, significantly shorter than conventional or government-backed loans. The exact requirements depend on:

• Whether the refinance is rate-and-term or cash-out
• The borrower’s credit profile and down payment history
• Whether the property is owner-occupied or investment
• The loan-to-value ratio requested

Non-QM loans come with higher interest rates than conventional loans to compensate for increased risk, but they provide valuable financing options for borrowers who need flexibility in seasoning requirements or income documentation.

Summary of Refinancing Seasoning Requirements

The following table summarizes the key seasoning requirements across different loan types:

Case Study 1: First-Time Homebuyer Refinancing with FHA Loan

Background: Sarah purchased her first home in March 2024 using an FHA loan with a 5.75% interest rate and a 30-year term. Her monthly principal and interest payment was $1,748 on a $300,000 loan. By October 2024, mortgage rates had dropped significantly, with 30-year fixed rates averaging 6.1%.

Situation: Sarah learned about the FHA Streamline refinance program and wanted to know when she could refinance to capitalize on the rate drop. Her original FHA loan closed on March 15, 2024, with her first payment due on May 1, 2024.

Seasoning Analysis: To qualify for an FHA Streamline refinance, Sarah needed to meet three requirements:

• At least six payments made (May through October 2024)
• At least six months since first payment due date (May 1 + 6 months = November 1, 2024)
• At least 210 days since closing (March 15 + 210 days = October 11, 2024)

Outcome: Sarah became eligible for refinancing on November 1, 2024, when all three conditions were satisfied. She applied for an FHA Streamline refinance in early November and qualified for a 5.25% rate with no appraisal required. Her new monthly payment dropped to $1,656, saving her $92 per month ($1,104 annually). Over the remaining 29 years of her loan, she would save approximately $32,016 in interest payments, making the refinance financially beneficial despite closing costs of approximately $3,500.

Case Study 2: Real Estate Investor Using Conventional Cash-Out Refinance

Background: Michael, an experienced real estate investor, purchased a single-family investment property in February 2024 for $200,000 using a conventional loan with 25% down ($50,000). He immediately invested $30,000 in renovations, bringing his total investment to $80,000. The renovated property appraised at $280,000 in April 2024.

Situation: Michael wanted to do a cash-out refinance to pull equity from the property and fund his next investment. His original loan note date was February 20, 2024. He had heard that conventional loans previously allowed cash-out refinancing after just six months, and he hoped to access his equity by August 2024.

Seasoning Challenge: When Michael contacted his lender in July 2024, he learned about the March 2023 guideline change: Fannie Mae and Freddie Mac now require 12 months of seasoning from the note date before allowing a cash-out refinance to pay off an existing first mortgage. This meant Michael would need to wait until February 20, 2025—a full year from his original note date—before he could access his equity through a conventional cash-out refinance.

Alternative Solution: Rather than waiting until February 2025, Michael explored Non-QM lending options. He found a lender offering a no-seasoning DSCR (Debt Service Coverage Ratio) cash-out refinance program designed specifically for real estate investors. This program:

• Required no seasoning period
• Qualified him based on the property’s rental income rather than his personal income
• Allowed him to use the post-renovation appraised value of $280,000
• Permitted 75% loan-to-value, meaning a new loan of $210,000

Outcome: Michael completed the Non-QM cash-out refinance in August 2024. After paying off his original loan balance of approximately $150,000 and closing costs of $6,000, he received $54,000 in cash. While his interest rate was higher at 7.75% (compared to 6.5% on conventional loans at the time), the immediate access to capital allowed him to secure another investment property that was forecasted to appreciate 15% within a year. The Non-QM loan’s flexibility with seasoning requirements proved essential to his investment strategy, demonstrating how different loan products serve different borrower needs and timelines. If you have past credit issue you may not want to refinance a home with bad credit because the interest rates will be higher.

Why Do People Refinance Their Homes?

Whether you want to refinance your home for the first or third time, there are many good reasons to do so. There also are reasons you shouldn’t:

• Get a lower rate: If you took out your mortgage several years ago, interest rates are probably different today. You also may have had a lower credit score, which led to a higher rate. If you can get an interest rate that is at least a point lower than your mortgage, refinancing your home can be smart. For instance, a 6% rate on a 30-year, $100,000 loan would cost $115,000 in interest over 30 years, while it would be only $44,000 at 4%. However, in 2024 rates for 30 year mortgages are over 6%, so most people aren’t refinancing for a lower rate.

• Reduce your payment: Perhaps interest rates aren’t lower than what you have now, but you can still reduce your payment by refinancing from a 15-year mortgage into a 30 year. However, if you refinance into a longer loan, you will pay thousands more in interest over time. If you refinanced a 5% 15-year mortgage into a 6% 30 year, the rate is higher, but the payment would be lower because of the longer term.

• Pay off the mortgage faster: Homeowners also may want to refinance their mortgage to pay down the loan faster. If you have a $100,000, 30-year mortgage at 6% and refinance it to 20 years, you’ll pay about $115 more per month. But you’ll save $43,000 in interest over the loan term. How Much Does It Cost to Refinance Your Mortgage Loan? 

• Get cash: If your house’s value has risen, you can refinance it to take out cash. This means refinancing to a new loan for the current mortgage, plus the amount of equity you want to take out. You usually need to have at least 20% equity to do a cash-out refinance. Some borrowers want to do a cash-out refinance to get money for paying off debt or making home renovations. Some people choose to take out a 2nd mortgage.  Read Refinance vs Home Equity Loan.

How Quickly Can You Refinance a Home Loan​ in 2026

Understanding refinancing seasoning requirements is crucial for homeowners planning their financial strategies. The answer to “how soon can you refinance?” varies significantly based on your loan type and refinancing goals. Conventional loans now require 12 months for cash-out refinances, while streamlined options through FHA, VA, and USDA programs allow refinancing in as little as six to seven months with proper payment history.

The 2023 changes to Fannie Mae and Freddie Mac guidelines significantly impacted conventional loan refinancing, extending cash-out seasoning requirements from six months to 12 months. This change aims to prevent excessive equity extraction and promote housing market stability. However, borrowers who need earlier access to equity still have options through Non-QM lenders, different loan programs, or by waiting for the appropriate seasoning period.

When considering refinancing, evaluate not just the seasoning requirements but also the total costs and benefits. Calculate break-even points, compare interest rates, and consider how long you plan to stay in the home. Streamlined refinance options often offer the quickest path to lower rates with minimal documentation, while cash-out refinances require more patience but provide access to home equity for important financial needs.

Always consult with licensed mortgage professionals who can review your specific situation and explain the current guidelines applicable to your loan type. Seasoning requirements, interest rates, and lending guidelines can change, so staying informed and working with knowledgeable lenders ensures you make the best refinancing decisions for your unique circumstances.

References

Fannie Mae. (2023). Cash-out refinance transactions. Fannie Mae Selling Guide. https://selling-guide.fanniemae.com/sel/b2-1.3-03/cash-out-refinance-transactions

Fannie Mae. (2023). Limited cash-out refinance transactions. Fannie Mae Selling Guide. https://selling-guide.fanniemae.com/sel/b2-1.3-02/limited-cash-out-refinance-transactions

Freddie Mac. (2022). Bulletin 2022-25: New seasoning requirement for cash-out refinance mortgages. Freddie Mac Single-Family Seller/Servicer Guide. https://guide.freddiemac.com/

U.S. Department of Housing and Urban Development. (2024). FHA single family housing policy handbook 4000.1. Federal Housing Administration.

U.S. Department of Veterans Affairs. (2024). VA pamphlet 26-7: Lender’s handbook. Veterans Benefits Administration. https://www.benefits.va.gov/homeloans/

U.S. Department of Agriculture. (2024). Single family housing guaranteed loan program refinance requirements. Rural Development. https://www.rd.usda.gov/

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