How soon can I refinance after purchase? (Source of funds)
I have a question. Lets say I wanted to buy a property for 70k. If someone gifted me the money for the property (the down payment on a mortgage), I would have to wait 2 months worth of bank statements for the funds to qualify as "sourced".
If I dont have that type of time, I could alternatively pay 70k cash with the gifted funds to purchase the property and then refinance after the fact. Would I be able to refinance immediately, or would the funds used for the purchase still need to be sourced? Does anyone have any thoughts on how to make this happen?
Thank you!
Daniel