All Forum Posts by: Edwin Saldivar

Quote from @Chris Seveney:

@Edwin Saldivar

Living in one house will be difficult to get financing as a HML will not finance a property with an owner occupied intent.

The HML i have spoken with are ok with my living in one side as long i roll it over into a normal mortgage and pay them back for the initial loan once construction is complete. I was just hoping to roll it over into a cash out mortgage where I can pull the equity that i have a built. This way i gain all my initial investment back and can do it all over. I appreciate any additional input Chris!

Quote from @Devin Peterson:

Rent the other one out - season it for 90 days and you can then cash out on it.

Does this mean i will have to do an initial refinance when the construction is done to pay back the HML and then after 90 days i can do the cash out refinance on the house i am renting? How will this scenario differ in the house that i will be living in? What is the most i can cash out on each property? I appreciate the answers Devin!

Hello, i am looking at using a HML to fund my construction of 2 homes. I buy the lot cash, split the lots in 2, and build 2 single family homes. Once my construction is complete, can i do an immediate cash out refinance on both properties to pay back the HML and recover my initial down payment? If i cant do a cash out refinance right away, what are my other options for trying to get my initial investment back and how long might i need to wait? I was planning on living in 1 house if that makes any difference.