Refi inmediatly after a purchase using Hard Money

[Edwin E.]

Can it be done or do I have to wait a certain period of time ?

[Steve Wilcox]

absolutely can be done. However they generally will not recognize your "equity" if you are not doing any major improvements. Your purchase price will be their established market value, and they will also do an appraisal and then work off whichever number is lower to establish ltv.

However if you have poor credit score, and are trying to use an OO loan and not OO it might be a challenge. Also if you get caught buying hud houses as an OO and are not there are some big penalties if you get caught.

Most hmls will not lend (and probably should not) if your exit strategy is a refi and you do not already have some sort of approvals from your end lender.

Try calling a few good mortgage brokers and be straight up about your situation. You can not build a business using shiesty maneuvers, and one deal is not worth damaging your rep with local HMLs, ect. Also if HUD gets wind of your plan you will have the wrath of the federal govt coming down on you,

Also only certain lenders will lend with less then 6 months seasoning, but they are out there