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Asked by nattaeng, Los Angeles, CA Wed Oct 16, 2013

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Jacob Varghe…, , San Jose, CA
Wed Oct 16, 2013
Hi Natleang,

Can I get the property financed afterwards?
Yes anytime!!

If so, would the interest rate be higher than getting a mortgage when buying the house at the first place?
Since it is cash-out the rates will be a bit higher

What would the rate be?
Depends on various factors, like loan amount etc.

What document should I prepare?

After I purchased the house, when exactly should I refinance the property? Is there a time limit to do it?
I would like to take out less than 50% of the house price.
You own the home, you refinance anytime.

Most lenders will not fund a foreign national keep that in mind. I have a lender who would be happy to lend, however some restrictions apply. Pls contact me for more details.

1 vote
, ,
Thu Oct 17, 2013
The cash out pricing adjustments most likely won't apply to you if your credit is over 660 and the LTV is below 60%. Since you state that you will be looking to pull 50% out of the home you won't have an increase in the loan rate or price as a result of the cash out. Fannie Mae purchases and securitizes mortgages made to non–U.S. citizens who are lawful
permanent or non-permanent residents of the United States under the same terms that are
available to U.S. citizens.

I don't know where some people come up with this other stuff, you shouldn't have any issues with this loan.

Jesse Gonzalez, Broker
Vice President – Mortgage
Individual BRE#01855372
Company BRE#01885961
Individual NMLS MLO ID#278103
Company NMLS ID#366719
0 votes
, ,
Thu Oct 17, 2013
Yes you can certainly pay cash.

Being able to finance it later depends on your ability to qualify for the loan.

The rate would likely be higher than just obtaining a purchase loan, because now this would be considered a "cash out" refinance. Think 1/4% to 1/2% higher than if you just got a purchase loan

The delayed financing exception applies to loans which can be sold to Fannie Mae or Freddie Mac (conventional loans). Since you are a foreign national you would not likely be eligible for conventional financing. You would need a foreign national program.

It's tough to answer the rest of your questions without knowing more details about you. Feel free to give me a call or email me if you would like to discuss specifics.


Tony Grech | Mortgage Loan Originator | NMLS #977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 ext. 278
Mobile (313) 622-7383
Fax (248) 945-4842
0 votes
Fannie Mae purchases and securitizes mortgages made to non–U.S. citizens who are lawful
permanent or non-permanent residents of the United States under the same terms that are
available to U.S. citizens.
Flag Thu Oct 17, 2013
Steve P, Home Buyer, San Jose, CA
Thu Oct 17, 2013
The answer is yes, it's called delayed financing and you don't need to wait 6 months. In fact, you need to do it prior to the end of 6 months. below is the text directly from fannie mae guidelines, "Borrowers who purchased the subject property within the past six months (measured from the
date on which the property was purchased to the application date of the new mortgage loan) are
eligible for a cash-out refinance....The new loan amount can be no 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 on the new mortgage loan (subject to the maximum
LTV/CLTV/HCLTV ratios for the transaction)."
I honestly don't know where some people are coming up with the idea that you must wait 6 mnths to do it. Oh, and since it would be done on the delayed financing program you would not have higher rates because it's not considered cash out.
0 votes
Lance King, Agent, San Francisco, CA
Thu Oct 17, 2013
As pointed out below, you will have to wait for a period of time after the purchase before refinancing, and you would still have to have sufficient income and credit to qualify. Another risk is that interest rates go up, but it doesn't seem any major hikes coming soon.
0 votes
He doesn't have to wait any time.
Flag Thu Oct 17, 2013
, ,
Thu Oct 17, 2013
Yes. You would have to do it 6 month after the purchase in order for it to be delayed financing. Other wise you have to go with a higher interest rate because it would be considered a cash out transaction. Let me know if you have any other questions.

Alex Greer
Loan Officer
NMLS #1056079

0 votes
, ,
Thu Oct 17, 2013
Applying for a cash out refinance on a property you earlier purchased for all cash is called "Delayed Financing."

You will typically need to be on title for 6 months (seasoning) and will have to fully document where the cash to purchase came from.

Also, being a foreign national may add further restrictions on seasoning and cash out loan to values.
0 votes
Nada Lahoud, Agent, Woodland Hills, CA
Wed Oct 16, 2013
There is not easy yes or no answer to your question. Not many lenders do mortgage loans to foreign nationals but some do. Those that do have different lending criteria. Please feel free to contact me at (818) 812-6300 and I would be happy to provide you further guidance.
Fifth Avenue Realty
0 votes
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