All Forum Posts by: Josh Wickboldt

I'm looking at doing a cash-out refinance on my Primary residency.  The plan is to use that cash for a down payment for another primary residency and renting out my current place within a year.  I have lived at my current place for 3 years now, but I have one lender saying if I do a cash-out refinance I will have to stay for a year and another telling me I will not because I have lived there 3 years and it's just a cash-out refinance and not a purchase.  So just trying to see which one is right??

To be clear, in this situation I would be going with a cash-out refinance and then trying to buy another place to live in as a primary.  

Yes I get that I do not have to live there if I go with a HELOC. My question was for if that requirement to live in a year (other than extenuating circumstances) applies to non QM lenders or protfolio lenders, or is just for those QM lenders like Fannie Mae and Freddie Mac.

I am working with a lender and trying to pull some cash out of my primary home, which is a triplex that I house hack. I am deciding between cash out refinance and a HELOC. One lender tells my for their cash out refinance I do not need to live in a year after refinancing but another lender believes that person is mistaken because it's a primary residency loan. Just trying to get clarification if that rule is applied to all primary loans or just loans that go through Frannie Mae and Freddie Mac.