6 Month Wait on Refinancing New Home Purchase in Boston Now Has an Exception

A Delayed Financing Exception is a kind of cash-out refinance allowed by Fannie Mae, so that you don’t have to wait 6 months after the purchase to refinance your Boston house or condo. You buy a house and pull the cash out within the first 6months of the purchase. There are conditions. 1. It has to be an arms length transaction (e.g. you can’t be related to the seller). 2. You also have to show a HUD-1 from the closing, showing there was no financing involved – it was bought with cash. 3. You also have to show that it was not a gift (e.g. a bank statement proving it was your funds that made the purchase). 4. Finally, when you pull out all of that cash, the cash can’t be greater than your initial investment.The Fannie Mae Delayed Financing Exeptions allows you to immediately refinance your Boston Home within the first 6 months of the purchase – no more waiting.

Phil Ganz (354 Posts)

Philip D. Ganz is a Boston Mortgage Broker and Boston Home Loan specialist. For information, expertise, consulting, or advice about home loans, refinancing mortgages, or commercial property loans, contact Phil with no obligation: 617-529-9317

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