If I own the property 100%, can I get a mortgage immediately?

[Louis Porter Jr.]

So I am planning to buy a property in Northern Florida for cash ($70K) and after the purchase, I am planning to get a mortgage for this property ($83K). How long do I have to wait to get a mortgage on this property? I keep hearing LOTS of different answers on this one online in random places, but I was hoping I could get a more "professional" real world answer here? Thanks!

[Rivy S.]

@Louis Porter Jr.  In general your two options are going to be 1. Delayed financing or 2. Cash out refi.   Delayed financing can be done immediately, for 70-80% of appraisal, but is capped at purchase price. So you maximum loan would be 70k.  Cash out refi's usually have to season for 6 months (some lenders require 12 months), and then will be based entirely on appraisal. 

@Andrew Postell has an excellent post on a 3rd way, which I've never tried myself:  https://www.biggerpockets.com/forums/48/topics/460294-how-to-cash-out-1-4-unit-property

You can also try to find a bank who will do a cashout immediately, but I'm not sure how common that is.