I have been meaning tell you about a really handy financing option that we can do for borrowers who purchase a home with cash and then want to do a refinance immediately after to get their cash back.
Two common reasons some buyers like this option:
- Buyers could get a better deal since they have the ability to give the seller a quick sale without hassles. Sellers love cash offers.
- The property could be ineligible for financing because it may need major or minor repairs. This is a good way for buyers to get a good deal without a lot of competition from other buyers.
We use a Conventional loan cash-out refinance to do this and can close within 30 days.