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Updated about 5 years ago,
Delayed Financing to include renovation cost without seasoning
I'm about to make an offer on a house with cash and I hope to refi the cash out immediately after renovation.
I learned that you can get a conventional loan called "Delayed Financing" loan. However, this loan can only refi out the home purchase price without seasoning. If i want to refi out the renovation costs too, i'd have to season it for 6 months.
However, i heard on a podcast that if you include the reno cost on the Closing Disclosure of the purchase, then you're able to use Delayed Financing and pull out both purchase and reno cost without seasoning. is this true? if so, how do i get the reno cost on the Closing Disclosure since there doesn't appear to be a space for reno cost?
How do i find a lender who can help with this?
Thank you in advance!!!!