Can I Cash out refinance my home for an out of state property?
My husband and I recently purchased our first property in Florida with cash. I will move to New York for graduate school and plan to buy a home using the BRRRR method. We hope to homestead the house in NY and retain our NY residency. My husband is in the military but we are both from NYC. Has anyone done a cash out refinance for an out of state propety? Is that tough to do?
I am currently employed with two W-2 jobs but I will quite both jobs in August to continue my education. Thoughts? Should we just try to get a HELOC?
@Karoline Kaon yes you just need to refinance as an investment property. If you can source the cash down payment you should be able to use delayed financing. You can recoup your purchase price and closing costs.
@Melvin List thanks for the prompt response! What do you mean by source the cash down payment?
@Karoline Kaon the lender would want to know where the money came from for the delayed financing exemption.