Click on the title link. The short answer to the title of this post is, "Maybe." Many lenders will now accept a refinance where the home has been on the market. It must be off the market for at least one day. But there are two very important things about this:
1. The home absolutely must be off the market. People often execute a listing cancellation with their Realtor, but the Realtor drags their feet with actually taking it out of MLS. The lender will absolutely check this, and if it is listed in MLS then your loan is toast.
2. You have to convince the lender that you really are staying in the home with a good letter of explanation. It is up to the lender whether they believe you, or like your reasoning. They can deny the loan because your letter is not convincing enough. You are at their mercy on this.
Bottom line is it is doable, but not guaranteed by any stretch of the imagination. You have to jump through the "lender hoops", but it is often worth it.
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