Yes!
Before 2011 you couldn’t. …you had to wait 6 months after purchase, but now you can.
Both Fannie Mae and Freddie Mac have a program that will allow all cash homebuyers to refinance and take equity out as soon as they close on their home purchase.
Even though the wait time is waived, the program comes with rules.
…Such as:
1) The sale must have been “arm’s length” (no parents selling to children).
2) The owner can’t have more than 10 financed properties and there can’t be any other liens against the property.
So, now you know something you might not have known 2 minutes ago!
That’s it for today! …thanks for reading!
Brett
Did you know we have a mortgage program that doesn’t require any income documentation when…
Did you know even if you have “challenged” credit you can still get a low…
If you receive money from the State or a County sponsored organization for providing foster…
I wanted to address the two most common questions that I get regarding reverse mortgages……
If you purchased a home using your own cash, and now would like to pull…
I wanted to let you know we have a 2% to 5% downpayment and closing…
