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Flipped Property
If a property was bought and listed in the market for sale in a short period, what are rules of FHA and Conventional?
If you are buying a flipped property that has been recently bought in less than six months, two appraisals are required. However, the home buyer cannot pay for the second appraisal. Either the home seller and/or mortgage lender needs to pay for the second appraisal.

If you purchased a home cash and want to do a cash-out refinance mortgage, you need to wait at least six months for a conventional loan and one year for a FHA loan. Maximum loan to value for conventional cash-out refinance mortgage is 80% loan to value and maximum cash out refinance mortgage for a FHA loan is 85% loan to value.

You can do a quick cash out refinance mortgage as soon as you close on your home purchase with no seasoning requirements under the delayed financing program. The delayed financing program does not have any seasoning requirement after a person buys a home. The maximum loan to value on a delayed financing mortgage loan is 70% loan to value. The loan amount cannot be greater than the home's purchase price. Here is an article on delayed financing.


Here is the link to the delayed financing mortgage loan program blog post



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