Buying cash with a partner and then cash out refi in my name
Hey guys, I currently own 5 properties all financed conventionally in my own name. I'm looking to buy several more with cash, and then refinance using either fannie mae delayed financing or a 6 month seasoned cash out refi. I have about $140k liquid of my own to work with, and my father has about $90k in addition that he would lend me me as a revolving line of credit for the purchases.
I have two questions:
1. If I want to do fannie mae delayed financing after 1-2 months of purchase, can I use my fathers funds for the purchase or does it all have to come out of my bank account? As far as I understand it, they will check my bank statements and make sure the money came out of solely my account or my HELOCs. If I can't use his money for purchase, can I use it for repairs and cash reserves (as long as it's 2 month seasoned).
Seocond: I've heard there are conventional lenders allowing you to do 6 month seasoned cash out refi's where you can pull out more than the purchase price (75% LTV), even if you have more than 4 mortgages? Is this true? And are the old 4 and 10 max property rules starting to change?
Thanks guys for any input!!