 TITLE: Can You Refinance a Mortgage in Forbearance? CONTENT: How Long After Forbearance Can I Refinance?\n-------------------------------------------\nMortgage forbearance can be a good way to take precautions if you're not sure about your immediate financial future, and it may be a necessity for some homeowners who have lost their jobs or had their hours cut significantly.\nBut postponing your monthly mortgage payments could backfire if you want to refinance or even buy a new home in the near future.\nThat's because the organizations and government agencies that insure the vast majority of mortgage loans in the U.S. do not allow homeowners with a mortgage loan in forbearance to refinance that loan or even obtain a new mortgage loan while in forbearance. Previously, it was also impossible to get approved for a new loan for a full year after loan payments were current again.\nIn May, the Federal Housing Finance Agency issued guidance for borrowers with mortgages backed by Fannie Mae and Freddie Mac, reducing that timeframe. Now you can refinance your current mortgage or purchase a new home once you've made three consecutive mortgage payments, either after your forbearance plan ends or under a repayment plan or loan modification.\nSo, if you're weighing forbearance as a precaution but haven't pulled the trigger yet, consider whether you want to refinance or purchase a new home in the near future, and whether the short-term benefits of forbearance are worth the longer-term costs. END