Right now, it takes about 30 days or more to refinance.
If you are a foreign national, then you can refinance cash out as soon as the title is recorded, cleared and appraisal complete. Most lenders will lend a percentage (usually 60% or less) of the sales price plus repairs. Rates will be much higher and the property must be an investment property.
This is with a Fannie Mae Loan loan called
Delayed Financing Exception
Investors who purchased a property within the past six months are eligible for a cash-out refinance if all of the following requirements are met:
The new loan amount can be no more than the actual documented amount of the borrowerâ€™s initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points (subject to the maximum LTV/CLTV/HCLTV ratios for the transaction).
The purchase transaction was an arms-length transaction.
The transaction is documented by the HUD-1, which confirms that no mortgage financing was used to obtain the subject property.
The sources of funds for the purchase transaction are documented (such as, bank statements, personal loan documents, HELOC on another property).
All other cash-out refinance eligibility requirements are met and cash-out pricing is applied.
Note: The preliminary title search or report must not reflect any existing liens on the subject property. If the source of funds to acquire the property was an unsecured loan or HELOC (secured by another property), the new HUD-1 must reflect that source being paid off with the proceeds of the new refinance transaction.
our minimum refi amounts are 70% of 80k plus homes. Homes must be in good shape/ liveable condition.
I hope this answers your question, Best Wishes,
Senior Mortgage Consultant
Cornerstone Mortgage Group
6151 Powers Ferry Road NW
Suite 610 Atlanta GA 30339
If so, that would probably make you a Foreign National. Traditional mortgage loan programs are only availble to US Citizens and Permanent and Non-Permanent Resident Aliens.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing