FHA and VA don't have "delayed financing" specifically but you can do a cash-out refi.
With FHA, you'll be able to do a cash-out refi up to 85% of the lesser of the purchase price or appraised value but you must make six mortgage payments first.
With VA, you can do it immediately and your max LTV is based off the current appraised value.
I know a lender who has a mortgage program that sounds perfect for you situation. His program allows you to pay cash now to close the deal, then soon after it closes you get a loan on that property with conditions similar to if you had gone the traditional financing route in the first place. Let me know if you want more info on that program.
Contact me to talk about this, you can click on my picture for information on line or for faster service my phone number is 949-297-1207
Depending on how late your loan will fund, it may be possible to get the seller to extend the close of escrow date. Your real estate agent has probably negotiated similar problems many times.
The common guidelines are that if you refinance a home purchase and want to get cash out you typically have to wait 6 months but there are exceptions
Talk to your loan agent.
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What does that even mean? If they pay cash, they will not have a loan, what "loan types" are you referring to? All they need to do after closing is go to a Fannie lender, which is virtually ANY lender and use the delayed financing option.
Here are the details:
"Borrowers who purchased the subject property within the past six months (measured from the date on which the property was purchased to the disbursement date of the new mortgage loan) are eligible for a cash-out refinance if all of the following requirements are met.
The original purchase transaction was an arms-length transaction The original purchase transaction is documented by a HUD-1 Settlement Statement, which confirms that no mortgage financing was used to obtain the subject property. (A recorded trustee's deed [or similar alternative] confirming the amount paid by the grantee to trustee may be substituted for a HUD-1 if a HUD-1 was not provided to the purchaser at time of sale.) The preliminary title search or report must confirm that there are no existing liens on the subject property.
The sources of funds for the purchase transaction are documented (such as bank statements, personal loan documents, or a HELOC on another property).
If the source of funds used to acquire the property was an unsecured loan or a loan secured by an asset other than the subject property (such as a HELOC secured by another property), the HUD-1 or the refinance transaction must reflect that all cashout proceeds be used to pay down, if applicable, he loan (unsecured or secured by an asset other than the subject property) used to purchase the property. Any payments on the balance remaining from the original loan must be included in the debt-to-income ratio calculation for the refinance transaction. Note: Funds received as gifts and used to purchase the property may not be reimbursed with proceeds of the new mortgage loan.
The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV/CLTV/HCLTV ratios for the transaction).
All other cash-out refinance eligibility requirements are met and cash-out pricing is applied.
Note: Investor and second home borrowers with five to ten financed properties are
ineligible for cash-out refinance transactions unless all of the delayed financing exception
requirements listed above are met."
If your current lender cannot accomplish this, I'd be happy to assist you.
Maybe I can help you with getting the loan in time.
Who is your Realtor? Do you have one?? Why isn't your Realtor helping you with this?? You need to have your Realtor sort this out. I think, Yes, you can close with All Cash then Finance the Loan. You may need to change/fill some forms, but if you can close with Cash, I don't think anyone will refuse..... You can also speak with the Title/Escrow Co. regarding the same...
If you DONT have a Realtor, and need help, contact me. Otherwise, wishing you the Best,