If you buy a house with cash, and suddenly need your cash back – can you get a cash out loan right away?
Before 2011 you couldn’t. …you had to wait 6 months after purchase, but now you can.
Both Fannie Mae and Freddie Mac have a program that will allow all cash homebuyers to refinance and take equity out as soon as they close on their home purchase.
Even though the wait time is waived, the program comes with rules.
1) The sale must have been “arm’s length” (no parents selling to children).
2) The owner can’t have more than 10 financed properties and there can’t be any other liens against the property.
So, now you know something you might not have known 2 minutes ago!
That’s it for today! …thanks for reading!
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