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paid home in cash and would like to refinance, is there a waiting period for that?

by manydallz997 from Oak Creek, Vermont. Oct 25th 2017 Reply

Jason Vondrak (jvondrak)
#219 ranked lender in California - 1,741 contributions

Under many circumstances, you are required to wait 6 months after the purchase closing date before taking cash out of the equity in your home. However, some lenders do offer what's called "Delayed Financing" to assist borrowers who would like to take cash out prior to the 6 month requirement. There are various eligibility and documentation requirements which vary by lender, so you will want to consult your loan officer to see if your scenario is eligible or not. Best of luck!

Oct 25th 2017
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,726 contributions

More info needed, but in most instances, there is a loan.. if you have owned the home for less than 6 months.. there is a loan that would work.. but you would be subject to Loan to Value restrictions, which will vary depending on occupancy.. (owner occupied, investment, 2nd home, etc.).. It's called a "Delayed Financing" loan.. you would need to prove the funds used to purchased the home were YOUR funds, and you are still subject to LTV restrictions, and the LTV would be based on the lower of its current appraised value or the original sale price.. if you have had the home for more than 6 months, then it's just a cash out refi.. and the new appraised value would be used for valuation.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Oct 26th 2017
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