Cash Out Mortgage Financing for Cash Buyers

By
Real Estate Mortgage Broker
http://actvra.in/dzf

Cash Out Mortgage Financing for Sacramento Cash Buyers

Sacramento cash buyerMany Sacramento home buyers are taking advantage of the great buys available in the current market, paying cash for Owner and Non-Owner Occupied homes.  Until June 28, 2011, however, these buyers had to wait six months before they could get a mortgage on their purchased homes to recover some of their initial cash investment.

Now, no more waiting!

You can now get cash-out financing with no waiting period after a no-financing purchase transaction under the following parameters (no exceptions will be granted):

  • The new loan amount is not more than the actual documented amount of your initial investment in purchasing the property, plus the financing of closing costs, prepaid fees, and points (subject to the maximum loan to value guidelines for the transaction).
  • The purchase transaction was an arms-length transaction.
  • The purchase transaction HUD-1 confirms that no mortgage financing was used to obtain the subject property.
  • The preliminary title search or report confirms no liens on the subject property.
  • The source of funds for the purchase transaction can be documented (bank statements, personal loan documents, HELOC on another property). Any loans used as the source for the purchase transaction will be required to be repaid on the new HUD-1.

Even better:  this change also applies to owners of 5-10 properties, too!

Sacramento cash buyer ready to recover some of your investment!  Considering a no-financing purchase but don't want your cash tied up too long?  I can help you!

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Re-Bloggged 1 time:

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  1. Deborah "Dee Dee" Garvin 07/01/2011 03:55 PM
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Topic:
Home Buying
Location:
California Sacramento County Elk Grove
Groups:
Posts to Localism
Sacramento Real Estate
Tags:
sacramento mortgage
sacramento investment properties
sacramento trustee sales
sacramento cash out financing

Comments 11 New Comment

Rainer
147,103
Deborah "Dee Dee" Garvin
WJ Bradley Mortgage Corp.
W. J. Bradley Mortgage Corp.

Ed,  I missed this announcement myself!  These are exactly the same parameters from the "days of old".  Thanks for the update.

July 01, 2011 03:53 PM
Rainer
53,714
David A. Weaver
Purchase - Refi - Conv - FHA - VA - USDA - HARP
Bank of Arizona, N. A.

Hi Ed,  Thanks for the heads up.  I missed this one as well.  Checking to see if we are going to offer it.  This would be great for the Phoenix, AZ market with so many cash sales.  Have a great Fourth of July holiday, to one and all.

July 01, 2011 06:39 PM
Rainmaker
197,695
Ed Gillespie

Dee Dee and David--I'm encouraging agents to check in with past all cash clients to see if they might be interested in this.  Great news for us in the loan business, too!  Thanks for stopping by!

July 01, 2011 07:54 PM
Rainmaker
942,135
Kathy Clulow
CNE - ASP - SRES .... Uxbridge Ontario Real Estate
RE/MAX All-Stars Realty Inc. Brokerage

Ed - Being able to take cash out of a property for an investment in any thing is great ..... I believe in the use of "OPM" when it comes to investing ..... but not always the wisest thing to do ..... one needs to recognize that their ability to repay may be hindered by changes in personal circumstances as well as cash flow from investment properties suddenly drying up.

July 05, 2011 11:52 AM
Rainmaker
197,695
Ed Gillespie

Great observations, Kathy!  Best use of this would probably be to replenish assets but I certainly can see the wisdom, for some, of geting cash out to do a fix/flip or to get the tax benefits of mortgages on rentals.  Finance and invest carefully!  Thanks for stopping by!

July 05, 2011 01:10 PM
Rainmaker
197,695

Ed Gillespie

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