Financing in Fontana>Question Details

Dan W., Home Buyer in San Gabriel, CA

I just purchased a house for 150K. I need to get some cash out to do some repairs, but the lender says I need to wait 6 months ??

Asked by Dan W., San Gabriel, CA Sat Aug 28, 2010

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6
Is this an investment property? What is your LTV?

Jacob
Web Reference: http://www.bestcaloans.com/
0 votes Thank Flag Link Sat Aug 28, 2010
Generally, you do have to wait six months. Good luck with your property.
Web Reference: http://www.calsucasa.com
0 votes Thank Flag Link Sat Aug 28, 2010
If the loan amount was considerable higher only 3 months would be required with some portfolio lenders.

I suggest you speak with a few local smaller banks and credit unions about a home equity loan or line of credit. .... Happy funding, Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Sat Aug 28, 2010
I'm not a lender but your agent and lender should have told you about a 203K streamlined financing. Its an FHA loan so the property has to be owner occupied but it could have given you up to $35,000 in cash to rehab the property after escrow closes.

Too late for that though.
Web Reference: http://www.victor4homes.com
0 votes Thank Flag Link Sat Aug 28, 2010
They are correct, you need 6 months seasoning in order to do a cash out refi.
0 votes Thank Flag Link Sat Aug 28, 2010
You might consider equity partnering with an investor if this isn't for an owner-occupied property.
0 votes Thank Flag Link Sat Aug 28, 2010
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