I did a pre-construction purchase 8 months ago ( south florida) paid
$234K…closed on the house 2 weeks ago. House appraised
at $280 at closing …my mortgage is about $220k.
I need to get some cash out…is it possible?
Can I do a heloc or interest only arm…one guy said
I cannot because house was just bought even though
it is already worth $280K
Standard equity programs require 12 months seasoning, but there are programs that allow you to borrow from equity without any seasoning.
This won’t be as easy as just going down to the bank, so if you don’t already have a lending partner, talk to a broker or hml that is knowledgable on equity programs without seasoning.
With a credit score of over 600 you can get 90% of a current appraisal (no seasoning), in a cash out refi—no waiting.
Most lender’s will go 90%, some will go 100%. HELOC’s also available, have to look at current rate on 1st to see if its better financial move to refinance w/cash out on a new 1st or if a heloc or “true” 2nd mortgage is a better option. What’s your rate & payment on your first? How much cash out were you considering?
Call someone else,until you find the right loan officer. There are many non owner, cashout, no seasoning programs out there. I use them all the time. Not every loan officer is knowledgable about these programs.
They are mortgage brokers that you are talking to on this forum
They are familiar with these programs and there are some awsome knowledgable finance people that have made some totally correct reponces to this question and others
it is against the rule to solicit business so they can’t state the obvious
just look :o
You can contact them by clicking on the baby face symbol on the left side corner and that will give you away to communicate with someone that has caught your attention and you can email them for a private conversation
Hope this helps
Yes you can . Go to a Mortgage Broker and not Mortgage Banker. The direct lender or bank has a limited number of programs to chose from. The Broker works with scores of banks that provide nitche programs that will lend with no seasoning.