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when can i do cash out for a rental property

I just inherent a property from my father in law on 01/01/13 and the deed has been recorded to our name on 01-29-13. The property is renting to a tenant in 04-15-2013. The property only has $8000 mortgage and it is being pay by my father in law. The property has the value iao $85000. When can do refinance/cash out on the property and what is the percent can we cash out? Thank you,

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April 26 2013 - Juniata Park-Feltonville
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Just have to love a LENDER forum, where, someone asks a LOAN question about a property in Pennsylvania and get a response from a sign pounder in NC that doesn't even answer the question.

A recent inheritance meets the continuity of obligation requirement (otherwise you have to wait 6 months), some lenders thus will allow you to do a a cash out refinance right away.

Your best pricing by far  will be to stay under 75% of the value
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April 26 2013
You can do it now as long as your DTI allows it. Some banks will allow up to 80% and others %75 of the appraised value. Now is the time with the low interest rates to do that.
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April 26 2013
Speak to a loan officer at the bank and ask about a refi.
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April 26 2013
 
Related Questions
when can i do cash out for a rental property
Profile picture for Norm  D Plume
Latest answer by Norm D Plume
April 26 2013 | 3 answers
  • Asked by kennyguyen412
  • In Refinance
  • April 26 2013
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