REFINANCING BEFORE SEASONING - LOOKING FOR LENDER

[Craig Clark]

Hello BP Community,

I have an, all cash, deal on a home I will be buying through an estate sale near Pittsburgh and I really need to do a cash out refinance to  get some of that capital back ASAP.  I know that most banks want you to have the loan seasoned 6-12 months before refinancing but I just found another deal in Texas I need to get that cash for. 

According to public records, comps on the same street sold for roughly three times more than what I am paying.  So, minus a little capital to get it rent ready, I was hoping an appraisal would place the value near those comps so that I could do the cash out.  

A hurdle that is in the way, is my wife works a commission based job and she has been on medical leave without pay for the last 7 months and just return to work this week. This puts my personal DTI around 48% when not counting her income. Anyone happen to know any banks that would work with me on a cash out refi and any that would consider my wife's base income even though she has been on medical leave for so long? Would it be smarter to try to get a HELOC and are there any potential banks that would consider it?

As always, "Thank You" for your time

[Paul Higbie]

Craig, your situation is pretty simple for either a conventional lender or a private lender to deal with based on what you describe. Are you including the rental income in your DTI calculation?

Paul