BRRRR Cashout refi, minimum 6 months?

[Chris Roche]

I am researching buying a property using the BRRRR method. My strategy will be to buy using hard money, rehab using my HELOC (lower interest than hard money) and then cash out refi on the back end.

Two Questions:

Do all lenders require you to wait 6 months after purchase to cash out refi conventional?  I asked a lender today and he said that Fannie Mae guidelines require banks to wait 6 months to refi.

Is there a simple calculator to calculate interest only payments.  Ex.  if loan amount is $150,000, 6 month minimum loan, no prepayment penalties, what will loan amount be?

Thanks!

[Chris Mason]

Originally posted by @Chris Roche:

Thanks @Chris Mason,  no way around the 6 month rule?  I have a property I want to purchase that only needs a light rehab.  I would be ready to refi in 1-2 months.  So do I just sit and wait for the 6 months?

 If it truly only needs a "light rehab," depending on what you mean by that, you might be able to get a normal Fannie loan on it to begin with.

Care to share more details?