Of course, every lender has their own guidelines. Depending on the lender and the purchase agreement you have with the seller, it could be considered a re-finance or a new purchase.
Check with SEVERAL lenders before you pull the trigger on a deal. Contact me for references if you need.
Flat Iron Realty Group
PS. Interested in learning how get totally out of debt AND get and pay off a 30 year fixed mortgage in 6-10 years, all with the same money you are spending now?
Check out this short 8 minute video at http://HomePaidOff.com
No hocus-pocus, no gimmicks. Same system endorsed by Dave Ramsey & Susie Orman.
FREE to my clients!