Cash Out Refi Lender, less than 6 months

[Lesley Ray]

Hi all,

Does anyone have any recommendations for a lender that will do a cash out refi in less than the 6 month seasoning period?

Thanks

[Dan Portka]

Conventional financing has a 6 month seasoning period before allowing a refinance. There is an exception to the rule called delayed financing, which I'd recommend you do some research on. Here are the basic requirements. 

• If you purchased a property with cash or HELOC, you can do a cash out refinance immediately under the delayed financing exception. This is the easiest way to avoid the 6 month waiting period. The only downside is that you can't pull out more money than you put into the deal.
  • The cash out value is limited to the lower of the two numbers below
    • Purchase price + closing costs + rehab cost (the rehab has to be included on the settlement statement and the cash needs to be provided at closing). OR
    • 75% of the After Repair Value.

Send me a DM and if you'd like to know the lender I've been working with. 

More info here:

https://selling-guide.fanniemae.com/Selling-Guide/Origination-thru-Closing/Subpart-B2-Eligibility/Chapter-B2-1-Mortgage-Eligibility/Section-B2-1-3-Loan-Purpose/1736853471/B2-1-3-03-Cash-Out-Refinance-Transactions-07-03-2019.htm