Having to wait 6 months after purchase to finance a house

[Stephen Reyes]

I purchased a house recently that had some issues and required a cash deal.  I have now completed the repairs and had planned to get a mortgage on the property to fee cash for another house.  However, I am being told I have to have owned the house for 6 months before I can take cash out?  Has anyone else heard of this?  Any reasonable ways around it?

[Andrew Garcia]

Hi @Stephen Reyes yes, it is a Fannie Mae/Freddie Mac guideline. Unfortunately, there is really no way around it that I am aware of. 

There might be Non-QM loans that will let you free up the cash quicker but if the lowest rate is the most important thing to you, then conventional is the way to go.

Let me know if I can be of any assistance.