First Deal: Can anyone Give me any pointers?

[Daniel Doan]

Hello Everyone!

Working on my first deal, can someone help me figure out if we made the right decision?

I am in the midst of purchasing a property in Leander, Texas (one of Austin Texas Suburbs).

The home is a new build, was purchased prior to completion from the Seller for I believe ~250k.  

The Seller intended to now sell for 275k, Off Market. I was trying to get the loan financed, but it got held up by the loan officer, partly due to incompetence, but other reason, that some lenders do not want to lend to resold homes that haven't been owned for more than 90 days (particularly new builds).  The home has now appreciated greatly before close, and the seller is trying to make excuses on why we cannot extend the closing date by 5 days for the loan to go through, even though we offered to cover carrying costs.

I found so quick funds from personal loans, and was able to meet our contractual agreement, though the sellers have not responded.  

Questions is, my intention was to carry a loan and use interest payments to deduct on taxes.  Since I am purchasing in full, if I do a cash out refinance, will I be able to deduct those interest payments? 

Thank you for your time!