cash buy to refinance

[Stephanie Garcia]

To any lenders or investors out there. If I buy a house cash. How long do I have to own it before I can refinance or take out a loan, please advise.  Thank you

Stephanie Garcia 

[Sandy Salazar]

Hi Stephanie,

If you purchase the property free and clear and its owner occupied, depending on the lender you may have to wait 6-12 months as mentioned by @Kyle J.. Now would you be doing a refinance to take cash out or doing a HELOC (home equity line of credit). Also, sometimes it depends on the value of the property, some banks have a minimum amount they are willing to loan out on. I am not sure how the prices are up Sacramento, but I had purchased a condo for 45K cash that I still can't cash out my equity. Call around local banks and get a firm answer if they're willing to refinance for cash out for x-amount. Good luck!