delayed financing exception

3 Replies

I have just bought a property in Memphis TN and I was hoping to find a good contractor (38111) in the area. Also, looking to find a lender that will do a delayed finance exception loan for my property.

Hey! @Aakash Patel If you are going to do rehab, then delayed refi might not be the best option. Delayed refi loan amount is based on the lower of cash-out refi LTV OR purchase price. Any money you put into the rehab can't be included into the purchase price.

If you are expecting a decent equity bump then you will need to wait for a 6 month seasoning.

Originally posted by @Upen Patel :

Hey! @Aakash Patel If you are going to do rehab, then delayed refi might not be the best option. Delayed refi loan amount is based on the lower of cash-out refi LTV OR purchase price. Any money you put into the rehab can't be included into the purchase price.

If you are expecting a decent equity bump then you will need to wait for a 6 month seasoning.

 why is it that some lenders are saying you cannot include rehab/repair expenditures in purchase/acquisition and cash out without 6 month seasoning, but others are saying yes? Could someone clarify once and for all?