Financing in 33647>Question Details

funnyguy84, Other/Just Looking in New York, NY

I bought a property in November cash and eventually want to do a cash out refi how long should I wait to do so and will it be market value?

Asked by funnyguy84, New York, NY Mon Mar 25, 2013

Also what is the min loan amount possible on a cash out refi and max ltv? I live in New York and do not know any mortgage professionals in Tampa?

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5
You do not have to wait 6 months. I am a direct lender and we have an expanded overlay program with Fannie Mae that allows Cash Out without any title seasoning. Cash Out Refinancing is offered at 85% for Primary, 75% Secondary and 65% Investment Purchases.

You could cash out 1 day after purchase.

We are a Direct Endorsed Fannie Mae Lender.

Maureen Helm #118232
VanDyk Mortgage FL LO 9317
Direct 727-421-1067
Office 727-395-9095
2 votes Thank Flag Link Mon Mar 25, 2013
There are no seasoning re-fi loans available. The rest depends on you and the property.
0 votes Thank Flag Link Tue Mar 26, 2013
VanDyk does not have a min. loan amount.
0 votes Thank Flag Link Mon Mar 25, 2013
It depends on which type of deal. Please call me to discuss. 866 596 6356
0 votes Thank Flag Link Mon Mar 25, 2013
Hello,

For a conventional refinance you will have to wait till you have owned the property for 6 months. At that time you can get a cash out loan for up to 75% of the market value of the property. This will give you the best loan terms. There are other programs to pull your cash out before 6 months but their terms are not very attractive. If you can wait you will get the best deal.

If I can help you can reach me at 813-728-4992 or Kevin.uamonline@gmail.com.

Sincerely,

Kevin Reeves
United American Mortgage
Tampa
0 votes Thank Flag Link Mon Mar 25, 2013
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