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DELAYED FINANCING
Cash-Out Refinance

 

OneRay HOME PAGE LOAN PURCHASEAPPLICATION LOAN REFINANCE APPLICATION  

Cash-out refinance of a free & clear property
after purchasing it with cash:

  • Within six (6) months of purchase: Program Reference 02-23-12 [FNMA Delayed Financing Exception] 1a
    • The source of funds used to initially purchase the home must be fully documented. This can be money from another sale, a personal loan, inheritance, etc... It just has to be sourced and seasoned. Cash from a tin can or mattress is not acceptable.
    • The new loan amount can not exceed the actual documented amount of the borrower's investment, plus the financing of closing costs, prepaid fees, and points - subject to the standard maximum LTV/CLTV/HCLTV for cash out transactions.
    • The purchase transaction must have been an arms-length transaction.
    • All other cash out refinance eligibility requirements must be met and cash out refinance pricing applies.
    • Special guidelines apply if the borrower owns 5-10 financed properties.
  • Within six (6) to tweleve (12) months of purchase:
  • After holding it for one (1) year: