Refinancing with a High Loan to Value, Cash Out Conventional Loan. No waiting 6-12 months for your home ownership seasoning to pass, prior to obtaining a new loan.
Most Cash Out Conventional Refinancing Lending Programs have a maximum loan to value of 65%, and a waiting period of 6 to 12 months. After the waiting period, you can obtain a new cash out refinance. This program has no ownership seasoning period, as long as your credit is good.
Option 1: You just want to refinance to a high LTV Conventional cash out loan for your owner occupied home.
Option 2: You are a borrower with a high credit score, and you acquired the property with cash, you can reclaim up to 80% of your cash investment with this loan.
You prove what you paid for the property, by supplying a final Escrow Settlement Statement, or similar document. Your purchase documents will show there was no existing loan on the subject property when you bought it, or now.
The new loan amount cannot exceed the 80% of the purchase price of the property, plus the closing costs on the new loan.
The purchase must be from an “Arms-Length” seller, not a family member, etc.
You must document the cash purchase funds, with bank statements, personal loan documents (on another property), or a Home Equity Line (on another property.)
If any, you must repay any borrowed funds, used to purchase this property. Although a remaining balance is allowed, after the loan is repaid.
Gift purchase funds used to purchase the subject property, will not be reimbursable.
Please phone or email me with your specific refinance information, and I will give you a custom quote.
Thanks, Judy Sellens 951-265-2102