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Updated over 8 years ago on . Most recent reply
CASH PURCHASE BUT NEED TO REFINANCE IMMEDIATELY
Hello everyone,
I have a cash purchase for 100k that will close next month. 30k of the cash is coming from a family member that wants their money back as soon as possible. I am looking to get a mortgage on the property as soon as possible so I can pay the family member back. Right now I am being told I have to wait 6 months to refi, but that doesn't work for my family member. I cant lose this deal. What is the fastest way to obtain this mortgage or what are my options. Thank you!
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Wayne Brooks
#1 Foreclosures Contributor
#1 Foreclosures Contributor
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- West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
You can refi immediately, but it will be based upon a percentage of the purchase price and money spent on repairs, not a higher appraised value, if that applies.