Cash Out Mortgage Financing for Sacramento Cash Buyers
Many Sacramento home buyers are taking advantage of the great buys available in the current market, paying cash for Owner and Non-Owner Occupied homes. Until June 28, 2011, however, these buyers had to wait six months before they could get a mortgage on their purchased homes to recover some of their initial cash investment.
Now, no more waiting!
You can now get cash-out financing with no waiting period after a no-financing purchase transaction under the following parameters (no exceptions will be granted):
- The new loan amount is not more than the actual documented amount of your initial investment in purchasing the property, plus the financing of closing costs, prepaid fees, and points (subject to the maximum loan to value guidelines for the transaction).
- The purchase transaction was an arms-length transaction.
- The purchase transaction HUD-1 confirms that no mortgage financing was used to obtain the subject property.
- The preliminary title search or report confirms no liens on the subject property.
- The source of funds for the purchase transaction can be documented (bank statements, personal loan documents, HELOC on another property). Any loans used as the source for the purchase transaction will be required to be repaid on the new HUD-1.
Even better: this change also applies to owners of 5-10 properties, too!
Sacramento cash buyer ready to recover some of your investment! Considering a no-financing purchase but don't want your cash tied up too long? I can help you!