If you wish to use this money as a down payment on a new purchase and the property you sold has only been in your name for a short time, your new lender will probably want records showing that the property you sold was purchased with your own money (either savings or gifts).
San Jose real estate statistics at http://julianalee.com/san-jose/san-jose-statistics.htm
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Over 20 years experience
Over 1,000 homes sold in Santa Clara and San Mateo Counties
this article on delayed financing may be useful to you
$$$BUYER CASH REBATE 50%-60% / SELLER DISCOUNT 50%$$$
Flavio Tejada, MBA-Finance, Realtor, Broker/Owner
Web Reference: http://americarealtyonline.com/
Did you just purchase your investment property? if yes, then you need to wait for 6 months to do cash out refi. if you purchased it over 6 months and the cash out fund can use to buy a your primary home, and you don't need to prove the fund because it is your own fund. Call me if you have more questions about your cash out refi.
With a few exceptions, you must always prove that the funds you are paying with are yours or are gifted to you. The source of the funds must be shown. So if the funds are yours, they should be in a bank account, stocks, bonds, etc. If they are being gifted to you, then the one giving you the money must show the same proof of the ownership of the funds he or she is gifting. Then, when the money transfers to you, the paper trail of the transfer must be shown to Fannie Mae. Generally speaking, yes you should have the funds for 6 months. Exercising stock options or cashing in stock after your company goes IPO or gets acquired are not actual exceptions because you owned the options or stock before you converted them to cash equivalents. There are exceptions to needing 6 months seasoning (holding the funds for 6 months) such as receiving an inheritance, winning the lottery, and the like.
You can cash out from your investment properties to buy your home. That means re-financing your investment properties with a cash out loan. This isnot an exception to having the money in the bank for 6 months. The source of the money is your property and you've owned that property over 6 months, so that shows you have owned the money for over 6 months.
I would be happy to re-finance your investment properties and assist you with arranging the lending for your new home, as well as help you find your new home. You can call me, Mitchell Pearce, at 408-639-0211 or email me at firstname.lastname@example.org
God Speed to your plans.