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Updated over 3 years ago on . Most recent reply

Refinancing Primary Residence/Family Loan
Hi All,
I'm looking to use equity from my primary residence to potentially buy a new primary residence and rent out the current place. I've been told by a lender that I can't refinance my current property as a PRIMARY then immediately use the cash to apply for a new PRIMARY residence loan. Is this true? If so, how long would you have to wait before being able to use the cash to buy a new house? I'm in California.
Another option that may be available is taking a loan from family for the down payment, purchasing a new place, then refinance our old primary as a rental to take cash out. Does anyone know how family loans affect your ability to qualify? Are there issues with refinancing as a rental property?
Any help would be much appreciated. Thank you!
Max