Refinance and take cash out after purchasing your home.
How long after purchasing a home can you cash out refinance?
If you purchased a home and wish to cash out refinance we can do so immediately after your initial purchase. However, if you wish to have a new appraisal issued it will be 6 months before you are eligible to use the new appraised value (this is applicable if you made any renovations to your home since purchasing it, which is unlikely if you are just purchased it). Additionally, you can take cash out even if it was not a cash purchase, and you have adequate equity. For instance, if you bought a home for much lower than it’s appraised value you may be able to take cash out after closing.
Our cash out programs allow a maximum of 85% LTV. So if you purchased your home for $100,000 you may take out $85,000. However, if you are able to keep your LTV below 80% it is highly recommended so that you can avoid mortgage insurance. Our conventional cash out refinance programs allow up to 80% financing of the home value.
The only exception to the rule of 80% or 85% LTV is if you are a veteran. Veterans who are eligible for a VA loan may qualify for 100% financing.
If you would like to refinance your home with cash out please contact us today. The process of taking cash out is very simple, and our rates are competitive. Many loans are underwritten and closed within 15 days or less! As long as you qualify and efficiently provide us what we need, we should be able to close your loan in this timeframe.
Home Loan Programs Available In:
Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Florida, Georgia, Kansas, Louisiana, Iowa, Illinois, Indiana, Maryland, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.