my understanding is that there are no more FNMA seasoning requirements if you paid cash for a property and want to finance and pull cash out,
I don’t know if that is completely accurate. I would phone a mortgage broker to double check.
Andy, were you able to confirm this?
you can cash out based on what you paid for it, not on appraised value as I understand it, I got this from Lifestyles Unlimited, and I trust what they tell me
So that means I can buy a property for cash, immediately refinance it and use the money to buy another property?
If it’s that simple, then I can see my path to a net worth of a million bucks!!!
whyson, I think what Andy said is correct. But the challenge is finding a bank that will allow that type of financing. Does anyone know of banks that will allow this type of financing. Andy, do you know of any specific local ones in DFW? BOA and WellsFargo both told me they do not do these type of loans anymore.
Rob, I use a mortgage broker that specializes in investor type loans.
From what I understand there are people out there doing them, but I’m sure its not BofA or any other big bank, its probable small mortgage companies,which is why I use my broker,he knows what each lender will allow, and we use different lenders on different loans,and normally I have no idea w
I’d love to find out if this is true, and someone is actually doing it? Anybody know of any brokers for Indiana properties?
Also, does the 10 mortgage limit come into play here?
your still limited to 10 conforming mortgages, and they will still only loan 75% on 1-4 and 70% on 5-10
For FHA backed loans, yes, 10.