Financing in Pasadena>Question Details

First Time B…, Home Buyer in Temple City, CA

How soon can I refinance if I use cash to buy the property?

Asked by First Time Buyter, Temple City, CA Thu Aug 15, 2013

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18
A good question for a loan officer. Since the house is yours, I don't see why you couldn't turn around and finance 80% percent of the appraised value.

Great contact with this questions would be Katherine Hernandez, Wells Fargo 626-722-7995
or Meg Murphy. Wells Fargo in Arcadia, or a Broker and Direct Lender, Andrew Quezada 626-825-6565


Best of luck to you,

Natalie Aguilar Vogie
317 E. Foothills Blvd, Suite 105
Arcadia, Ca. 91106
Keller Williams Realty-West Foothills
Dre: 01804560, Cell: 626-379-6472
1 vote Thank Flag Link Thu Aug 15, 2013
Lots of responses - Thierry Abel has the most accurate answer. There is a time limit on delayed financing though. Call Thierry.
0 votes Thank Flag Link Thu Aug 15, 2013
You can finance immediately now.
0 votes Thank Flag Link Thu Aug 15, 2013
Some lenders call this kind of transaction “Delayed Purchase”, but treat it technically as a “Cash Out” transaction …You could get out, up to 80% if it is a principal residence, 75% if second home, more restrictive if it is an investment property...

The original purchase transaction must have been an arms-length transaction.

The original purchase transaction must be documented by a HUD-1 Settlement Statement,
which confirms that no mortgage financing was used to obtain the subject property.

The sources of funds for the purchase transaction must be documented (such as bank
statements, personal loan documents, or a HELOC on another property).

Cheers

Thierry Abel
Senior Loan Consultant
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
NMLS 304353 - DRE 01380701
0 votes Thank Flag Link Thu Aug 15, 2013
If you bought a property all cash then it wouldn't be "refinancing" it would be taking a line of credit, or borrowing on the equity of the property.
0 votes Thank Flag Link Thu Aug 15, 2013
There is no waiting period so the next day as I offer delayed financing. It only takes a few dozen questions to qualify you in minutes.

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 7pm 7 days
http://youtu.be/MrygA2_8fAY

If my response was helpful, consider clicking thumbs up or Best Answer!
0 votes Thank Flag Link Thu Aug 15, 2013
You can cash out up to 6 months after your purchase using Fannie Mae's delayed financing.
Please contact me and I'd be happy to assist you.
0 votes Thank Flag Link Thu Aug 15, 2013
Well you wouldn't be "refinancing" but rather taking out an equity line of credit or a first trust deed. For more information call and I'll put you in touch with some top Lenders who can walk you through the details. 626-356-8153
0 votes Thank Flag Link Thu Aug 15, 2013
You may have a waiting period, unless you can show the source of the funds. I would have to know the situation a little better, but I have done it before.

Rich Littlefield

949-297-1207

TriEmerald Financial Group

NMLS 287206
0 votes Thank Flag Link Thu Aug 15, 2013
depending on how much cash you want to take out, you can refinance immediately. If you would like to discuss in more detail, please email me at
0 votes Thank Flag Link Thu Aug 15, 2013
If your property is an investment property, there is another option and another RULE, with regard to the IRS, which will involve...........Feel free to call me for more details

Cheers
0 votes Thank Flag Link Thu Aug 15, 2013
Hi Jacob,

You are able to refi your home at anytime. Perhaps taking money out to purchase rentals would be an option for you with GREAT tax advantages not to mention the cash-flow that will be generated to pay for the mortgage. Possibly and option. Have a Great Day.
0 votes Thank Flag Link Thu Aug 15, 2013
You can do it right away, and you should;

The IRS “90-day rule” is that the interest on a primary or vacation residence (non-investment property) is to be considered Acquisition Indebtedness and therefore be tax deductible if the mortgage is obtained within 90 days of the recorded all-cash purchase. ....Check with your CPA/Tax Advisor.

Thierry

Thierry Abel
Senior Loan Consultant
By Referral Only
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
NMLS 304353 - DRE 01380701
0 votes Thank Flag Link Thu Aug 15, 2013
Cash is King, you can refinance any time.

Jacob
NMLS327086
0 votes Thank Flag Link Thu Aug 15, 2013
Immediately for all intents and purposes. Technically all that need occur is for the transaction to be recorded.
0 votes Thank Flag Link Thu Aug 15, 2013
Right away. I have a couple of lenders that can do it one does it for free, If you qualify. Pick up the phone or email me right now. Thanks
0 votes Thank Flag Link Thu Aug 15, 2013
You should do it ASAP. Within 6 months it is considered delayed financing and not cash out. Depending on if it is a primary residence and total number of properties you have, you might not be able to do anything after 6 months. Contact me at tony.garcia@primelending.com to discuss in more detail.
0 votes Thank Flag Link Thu Aug 15, 2013
You want to do it ASAP so that it is not considered a cash out. If you are ready, I can certainly help you out. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes Thank Flag Link Thu Aug 15, 2013
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