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Updated almost 8 years ago,
Delayed Financing Ex. Do you qualify if cash came from HELOC?
Hi guys, I'm going to be working on my second deal using a HELOC + cash to buy in full cash. Would I still qualify for Delayed Financing Exemption? The reason I'm asking is because my strategy is BRRR and I want to make sure I will have access to the cash fairly quickly after the purchase. Specifically I'm unclear on the guideline below and what is meant by "no financing was obtained";
DFE Guidelines:
1.) Cash out refinances where the subject property was purchased within 6 months (measured from HUD-1 date to the disbursement date of the new mortgage) when no financing was obtained for the purchase are allowed under the following parameters: