Dear G.P.: There is no magic time period. If the home goes up in value, then it’s possible to refinance. Generally, it’s going to be a couple of years before anyone will seriously consider you for refinancing, assuming the value of the home has increased.
What I am concerned about is your worry that you won’t be able to stay above water on your mortgage, which means you paid more than you could afford. That’s the simple reality.
Let me suggest that you might wish to consider getting a part-time job. Even if you have to work for minimum wage in a hamburger joint for 25 hours a week, at $8 an hour, that is $200 a week.
I am certain that money, even after taxes, would go a long way toward taking the pressure off. You won’t have as much time to enjoy the home, but at least you will be certain you won’t be losing it.