Definition
Seasoning requirements mandate a minimum ownership/payment period before refinancing eligibility. FHA streamlines typically require 6 months, but standard refinances usually have no seasoning requirement. Plan timing around seasoning dates.
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Seasoning requirements exist to prevent fraud and ensure borrowers have demonstrated payment reliability. FHA streamline refinances typically require 6 months of seasoning (though recent updates have reduced this), while standard refinances have no seasoning requirement. FHA loans purchased with minimal down payment may have additional seasoning periods before cash-out refinancing is available. Seasoning is measured from the loan origination date or from the last refinance date.
Pro Tip
Plan refinancing around seasoning requirements if you expect a rate drop; missing the mark by a few days costs you a full month of delays.
Example
You obtained your FHA loan in January and want to refinance in June using a streamline program, but you'll need to wait until July (6+ months) to be eligible.