Cash out w/o seasoning (owner occupied)

Rental Property Investor · Loganville, GA · Member since 2015 · 30 posts · 9 votes

Does anybody know of someone who offers a cash out refinance on a owner occupied property w/o seasoning period.

The property is in Georgia. My name has been on title for about 1 month. The house was quitclaimed to me. I want to get out about 50% of its value.

Thanks

9 views

2 Replies

Sort by

Brent Coombs
Investor · Cleveland, OH · Member since 2015 · 6k+ posts · 2k+ votes
9y
@Mark Matos, my guess is that Lenders will want you to get a proper Warranty Deed. (You should want that anyway). Did you get Title INSURANCE coverage before closing? [Not official advice].
If you paid all cash, Fannie's Rules will let you conventionally Finance it up to 70% of THEIR valuation straight away if that helps. It's called their "Delayed Financing Exception". Cheers...
0 Reply
Account Closed
Lender · Costa Mesa, CA · Member since 2017 · 51 posts · 19 votes
9y
Mark - did you acquire the property through death or divorce? As Brent discussed, if you can meet the delayed financing exceptions, Fannie mae could provide a cash out option. Thanks
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.