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Private Lending & Conventional Mortgage Advice

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Maddy C.
  • Brooklyn, NY
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Cash out refi from HML at 90 days for owner occupier?

Maddy C.
  • Brooklyn, NY
Posted Jun 12 2022, 15:35

BRRRRing a property in Cincinnati, but now considering moving into the home.

Are there any loan products that would allow me to cash-out refi at 90 days? I was going to do a DSCR loan to cash-out as an investment property at 90 days. With rates expected to continue rising I don't want to wait the 6 months if possible.

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Andrew Garcia
  • Lender
  • Charlotte, NC
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Andrew Garcia
  • Lender
  • Charlotte, NC
Replied Jun 12 2022, 16:55

HI @Maddy C., not all DSCR lenders require a 6-month waiting period. You can do a DSCR cash-out at 90 days.

Since you seem rate sensitive, you could do a delayed financing cash-out for conventional since you are occupying the loan. You could do a 90-day lock for conventional so you do not need to be concerned about rates rising.

The downside with that is that you won't have your cash out for another 3 months.

Hope this helps! Let me know if I can be of any assistance.

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13
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Maddy C.
  • Brooklyn, NY
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13
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Maddy C.
  • Brooklyn, NY
Replied Jun 12 2022, 17:01

Oh thank you for the suggestions! I’m going to look into the delayed financing option 

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User Stats

739
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Andrew Garcia
  • Lender
  • Charlotte, NC
409
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739
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Andrew Garcia
  • Lender
  • Charlotte, NC
Replied Jun 12 2022, 17:15
Quote from @Maddy C.:

Oh thank you for the suggestions! I’m going to look into the delayed financing option 

 @Maddy C. Great! If you have any questions about it, feel free to ask.