How long do you have to wait to get cash out refinancing on a second home recently purchased?

Profile picture for mundayliz
My husband and I recently purchased an investment property in TX. We bought it for a steal and completely remodeled the house and walked away with more than 50K in equity after the renovations were complete. We live in Santa Barbara,CA and want to purchase a home here soon since we pay an obscene amount in rent. We would like to take out some of the equity from the home in TX (deemed a second home though it is rented out) and put it toward a down payment on a home in Santa Barbara. How long do we have to wait to refinance to get cash out of the property in TX? We closed on the 23rd of Sept, 2011.

Thank you in advance for your advice and information!
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December 12 2011 - Santa Barbara
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Answers (3)

Profile picture for LUXURY HOME LOANS CA
Liz,

Regardless of how the property, in your opinion, is "deemed," it is an investment property, since it is being rented or leased. Texas laws are different than almost any other part of the country. You need to speak with a MLO in Texas to see what would be available. 

In California, you would need to own the property for 12 months. Then your loan would be based on your new appraisal. Prior to 12 months, your loan would be based on the purchase price plus the documented cost of improvements performed. Maximum loan to value will vary with your FICO score and the type of lender. ... Good luck.

Happy funding, Rudi
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December 13 2011
Profile picture for Kevin Schmidtchen
Hello
I would be happy to touch base with you about this.  IT really depends on how much equity you have in the home.

Please feel free to call me.

Kevin Schmidtchen
Sothebys Int'l Realty
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December 13 2011
Profile picture for mike_procopio
I'm not sure about California. In MA i have customers who have this almost immediately. 

Best,
Mike
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December 12 2011
 

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