While it may take some homeowners many years to establish equity in their homes, others may have a considerable amount of equity from day one due to how they purchased the property. With most traditional refinance programs, you must wait at least six months in order to pull equity out of your home. This is not always ideal or practical, and the good news is that another option is now available through the Delayed Financing program. At MortgageDepot we are a reputable New York Mortgage broker that has a full range of lending solutions to meet most clients’ needs. We want to help you learn more about this exciting cash-out program.
What Is the Delayed Financing Program?
This unique program in now available because of a change in Fannie Mae guidelines. The six-month window for cash-out refinances established by Fannie Mae has been updated, and this program is a result of that restriction being lifted. There are specific guidelines that must be met in order to qualify for the program, but if the guidelines are met, you will be able to take cash out of the property with 24 hours of finalizing the purchase of it.
What You Need to Know About This Program
While both a cash-out refinance and a delayed finance program will enable you to pull equity out of the home, the prime difference between the two relates to timing. If you need access to your equity before the six-month period of time, you can easily learn more about the qualifications for this program. For example, you will need to apply for a loan amount that is less than the original purchase price of the property. Proof of sale must be provided, and you must show that no mortgage is in place on the property. The purchase funds also will need to be documented during the loan process.
This is a unique financing option available that is ideal for specific situations, and it may be the right option for you. A smart idea is to contact us for more information about this loan program as well as other loan programs that may also be suitable for your needs. A representative can learn more about your unique financing needs and can provide you with more information about the program. In addition, we can also prequalify you so that you can learn more about your options.