All Forum Posts by: Nicholas Iglesias

If you purchased the home cash and want to cash out on that property you would have to wait 12 months for an FHA loan and 6 months for a conventional loan (If it was inherited you may be able to bypass this guideline depending on lender and state)

You can go up to 85% LTV on FHA and 80% LTV on a Conventional Loan.

This is considering the property being your primary residence. If it is an investment property then you can only cash out to 75% as a conventional mortgage (you cannot do FHA for investment properties).

Hope this helps, 

Regards, 

That seems like a perfectly good explanation. You should be just fine with that. 

Regards,

@Dana G. Neilson After you pay the loan off you can reside in the property without any issues. Hard money lenders usually fund from 7-21 days depending on the scenario and on the lender. They will usually wire the money to your account. 

Hope this helps, if you have any questions, feel free to reach out. 

Regards, 

Best Option is probably a hard/private money lender for a Rehab Loan which can usually finance up to 75% of ARV. They will lend you on the acquisition (usually 80%-90%) as well as the repair value (80-100%) based on property and your experience. Given the ARV you gave us some lenders may be able to lend you up to a $322,500 loan amount.

If you need anything else, don't hesitate to ask. 

Good Luck!

@Kay March 

During a VA purchase you will always need a Termite inspection and the seller is the one that has to pay for it, so you should be able to hire your own and receive the report yourself.

Hope this helps

@Jay Dewberry - I agree with @Kevin Romines. Given the condition of the home, your best bet, is to go to a Private/Hard Money lender which depending on the investor can lend you ( max LTV based on experience usually) based on the ARV of the project you want to build and the comparable sales of the area for said type of property. They usually lend up to 75% of the projected ARV.

Hope this helps,

Regards, 

@Rian Ash

Hey Rian, 

To answer your question, there shouldn't be any issues during the refinance as long as your spouse qualifies for the property on his own, and there should be no seasoning regarding a rate and term refinance. 

If you have any other questions, please feel free to contact me.  

Looking forward to the meetup!

@James G. 

You can refinance rate and term with no title seasoning. However, with cashout you have to have 12 months title seasoning for FHA and 6 months for Conventional.

See everyone there!