CASH PURCHASE BUT NEED TO REFINANCE IMMEDIATELY

[Adam Soyak]

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!

[Wayne Brooks]

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.