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Answers (4)
- wayne lancaster, "funds2"
- Contributions:1175
Most investors require that a property be off the market for 6 months on a cash out refinance, but I know of at least one that would not require it with a 70% or below loan to value (which you would qualify).
The comment about refinancing with existing seconds being considered cash outs would only apply if second was not a purchase money trust second...i.e. a home improvement second or home equity second added after the property was purchased. In those instances if second was paid off with a refinance it is considered (on conventional refi) an Agency Cash Out and is limited to 85% LTV. In Texas LTV would be limited to 80% if second was a home equity second.
The comment about refinancing with existing seconds being considered cash outs would only apply if second was not a purchase money trust second...i.e. a home improvement second or home equity second added after the property was purchased. In those instances if second was paid off with a refinance it is considered (on conventional refi) an Agency Cash Out and is limited to 85% LTV. In Texas LTV would be limited to 80% if second was a home equity second.
- MeridianHomeMortgage
- Contributions:21
FHA and Conventional loans you can rate/term refinance 90 days after removing the property from MLS, but in order to cashout refinance you must wait 6 months.
Note if you have a second mortgage on the property you wish to include in your refinance this could be considered a cashout refinance.
Have a nice day!
- Ryan Halset, "RyanHalset"
- Contributions:730
Good to know - thanks Clay.
- Clay Branch, "Georgia Loans"
- Contributions:7835
Yes.
Cash-out refi 90 days off MLS?
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