Home Buying in Atlanta>Question Details

Asdf2010, Home Buyer in Outside U.S.

Which Atalanta lender does no-seasoning cash out refi for investment property bought with all cash? I am a US citizen living overseas.

Asked by Asdf2010, Outside U.S. Tue Sep 18, 2012

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0 votes Thank Flag Link Tue Oct 9, 2012
Fannie Mae has a Delayed Financing rule for property purchased with cash in the last 6 months. The maximim LTV is 70% for the program. The two most recent years of US Federal Income Tax Returns will be required.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
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) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Tue Sep 18, 2012
We all do. it will be limited to a couple of rules though.

Here is the Fannie Mae rule call the Delayed Financing Rule, to see for yourself:

A cash out transaction is permitted within the first 6 mos if the transaction meets all “delayed financing guidelines” which are shown below. If the transaction does not, then borrower must have owned the property for 6 mos. Maximum LTV allowed is shown on page 3 of the attached matrix.

Delayed Financing requirements:

The new loan amount is not more than the actual documented amount of the borrower’s initial investment in purchasing the property, plus the financing of closing costs, prepaid fees, and points (subject to the maximum LTV, CLTV, and HCLTV ratios for the transaction)

• The purchase transaction was an arms-length transaction

• The purchase transaction is documented by the HUD-1, recorded Trustee’s Deed, or recorded Sheriff’s Deed, which confirms that no mortgage financing was used to obtain the subject property. The preliminary title search or report must also confirm no liens on the subject property

• The source of funds for the purchase transaction can be documented (bank statements, personal loan documents, HELOC on another property). Any loans used as the source for the purchase transaction will be required to be repaid on the new HUD-1

• All other cash-out refinance eligibility requirements are met and cash-out pricing is applied

Generally speaking approx 75% is the maximum cash you can take back out of your property.

However, know this most companies are not going to touch this home of it us under 60k. there is not enough profitablity/ reason for anyone to do it. But if your investment was over 60k and you would like to see what your refi options are please fee free to call me.

Rob Robbins

Senior Mortgage Consultant
Cornerstone Mortgage Group
6151 Powers Ferry Road NW
Suite 610 Atlanta GA 30339
Office 678-578-7613
Cell 404-932-5353
0 votes Thank Flag Link Tue Sep 18, 2012
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