Cash out Refinance on New Construction

[Curt S.]

Hi BP,

I was able to close my first deal this year on a new construction (condo) at a rate below 3%. When it comes to cash-out refis, is this possible with a lower rate?

[Ashley Lamoreaux]

Hi Curt, It depends on the Loan to Value, and the current rate environment. Most Conventional loans require a 6-month wait period though from the date you purchased to be able to do a cash out refinance. FHA loans require 12 months. You can always reach out to a Lender and ask them to do a quick quote scenario by providing some information as far as how much cash out you want to take out and what you think the current value of the home is now, as well as what your current mortgage balance is. Hope this helps!