Residential Redeveloper · Dallas, TX · Member since 2016 · 26 posts · 6 votes
I am currently in the middle of a rehab on an investment property that I purchased using a hard money lender. I would like to refinance out of the hard money loan to a conventional loan pretty soon. My question is, if I were to withdraw repair funds from the escrow account after repairs are complete, would those funds be eligible in order to satisfy the “6-12 month cash reserve” requirements of the new conventional mortgage on an investment property?
Norfolk, VA · Member since 2016 · 17 posts · 4 votes
9y
My advice. Put the money in the bank long enough to have at least 2 "clean" statements (you can't see when it was deposited), then they won't source it.