Difficulty w/ cash out refi after 6 months in home

Hi, Im having difficulty getting a cash out refi. I bought our house on the cheap for 163k. The sellers were already transplanted in a different state at the time of sale. Its been 7 months, I believe the homes value is somewhere in the range of 180-190k. my actual mortgage was taken out for 157k.

I am self employed for 3 years with credit score average of 725. Trying to do a stated income program but it seems difficult to get this refi with a new appraisal. I wanted to cash out and invest in my business along with paying down other annoying debt.

Any advice or reason for such difficulty?

I don’t see why you wouldn’t be able to go up to 95% ltv on that for some cashout and go stated.

Zachary Johnson

Check your local credit unions for home equity lines of credit the rates are much lower I know I just did one for 2.9% for two years and I have owned the property for 1 month!

A lot of lenders are looking more closely at “flipping”. They use the seasoning issue to “protect themselves”.I know of several wholesale lenders who do not have “seasoning” issues, if you are looking for some.

a lot of banks wont let you do a refi. until 1 year. Thats the way wells Fargo and our local credit union are.