Updated almost 7 years ago on . Most recent reply
Cash purchase - then Finance
Quick question that I can't seem to find a lot of information on: What are the best options for financing a house that you paid cash for?
It's a hot market right now and to make my offer more attractive I'm considering making a cash offer on my next purchase. However, I'd still like to be able to get a mortgage after the fact to replenish my reserves.
I spoke with my bank and they said they only offer a delayed financing option where you can only get back 75% LTV on a single family and 70% on a multi-family. I am surprised that is their only option and was wondering if there are any other options or products that folks on here have used. Why can't you get a FHA loan or worst case conventional on a house you already own? It doesn't make sense that it can only be on the initial purchase.
Thanks!
Most Popular Reply
Hey @CJ M. So you can do cash out refi without waiting for 6 months? Please clarify. I know delayed financing means you have to wait for 6 months in order to refi.