Carl Henker,
Mortgage Broker or Lender, 95928
You will need to wait 6 months before starting the refinance on a cash out transaction. The loan amount will be based on the purchase price of $130,000 making the maximum conventional loan you could obtain $82,400 or 80% of the purchase price. If you use an FHA loan your loan amount could be $110,500 or 85% of the purchase price. As long as you do not need to pay back the full $130,000.
Dan Castagna,
Mortgage Broker or Lender, Haddon Township, NJ
JUles,
I believe FHA requires 12 months seasoning in order to do a cash out..Conforming is 6 months.
I believe FHA requires 12 months seasoning in order to do a cash out..Conforming is 6 months.
Robert Chomentowski 858-922-7899,
Mortgage Broker or Lender, San Diego, CA
Carl is correct in that you would have to wait 6 mos.
Web Reference: http://socalfhahomeloans.com
Cicely Brookover,
Broker, Birmingham, MI
Yes, but I would suggest making a cash offer w proof that you have the funds to close, but reserving the right to finance the home. Make your offer also strong with a short inspection period and decent earnest money and a relative quick closing. If it is owner occupied, a personal letter with pictures of your family has helped. If bank owned, it's just the bottom line.
