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Delayed Financing for Cash Buyers - Yes We Can!

1/16/2015

 
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Cash buyers still may have finance options even after closing.  


It’s called “Delayed Financing” and allows your clients to pull their cash right back out of a property in the first six months after their closing.  

Learn how this could work for you  after the break....

Here are the general guidelines for the Delayed Financing program:


1.   Purchased within the last 6 months measured from date of purchase closing to the disbursement date of the new mortgage loan.

2.   The original purchase was an arms length transaction (seller and buyer not related)

3.   Original purchase HUD-1 documents that no financing was used for the purchase and title search confirms no liens on the property.

4.   The source of cash funds for the purchase are documented.

5.   The funds can come from the buyer’s own cash, a personal loan or a loan secured by another property (can’t be from a gift!).  If the funds were from a loan, then that loan must be paid off through the new cash-out transaction.

6.   The new loan amount cannot exceed the actual amount paid for the property (plus rolled-in closing costs if the buyer chooses)

7.   A current appraised value (not limited to the cash purchase price) will be used determined loan to value

8.   In general, Loan to Value cannot exceed 70% LTV.

9.   And all other normal cash-out loan requirements must be met based on normal qualifying and with approved credit.


Remember every situation is unique and every file is subject to underwriting approval.  So contact us and let's see if this program will work for you!  Click here to send Paul a note and start the conversation.

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4926 Spicewood Springs Road #100, Austin, TX 78759