Short Sale Foreclosure

Can a property purchased as a short sale or foreclosure be refinanced?

If so, then how quickly can it be refinanced? Assuming that the appraised value is higher than the purchase price, can cash be taken out at refinance?

Yes.

Lenders will want you to make (most likely) 6 MORTGAGE PAYMENTS (seasoned ownership) before you can take cash out. (FNMA/FHLMC/FHA guidelines)

Why 6 months? Thereis a BIG risk of default on the new loan after taking out the equity.

Good news is, you can get up to 90% (97% FHA) if your credit is good, income/Debts are good, etc.

Get qualified with a mortgage professional as soon as you can.

Best of luck!

Real Estate Market with CDPE: Bank of America Short Sale Update

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