Inherited property delayed financing rules

Much more info needed to address your question directly, but in general. Delayed financing is a "Cash Out" refinance where after paying cash for a home, you can pull out up to 80% of the homes value if it is your primary residence, if not. then 70% would be the maximum cash out amount. To qualify for this loan, you must have paid cash and prove (Paper Trail) the funds to show you used your own funds to purchase this home. So, Inheriting a property does not qualify for delayed financing. Now if you needed to refinance to buy out a sibling, then that is allowed.. If the home is in your name, and you then deed the property to your husband, then that's a change of title and would require a 6 month waiting period.. if you both refinance, but you will be adding your husband, then that would be allowed, but again, only if you are buying out a sibling.. Otherwise, you can wait till the 6 months are up and then apply.. no issues at all (assuming you both will be on the title).. if you cannot refinance because you don't qualify, then an option would be to deed the property to your husband, wait 6 months, then do a cash out refinance.. Again, too much missing info to advise you.. For this reason, before you decide to do anything, you should contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

If you inherited the property, not your husband, and you are not going to be on the loan, then that won't work. Keep in mind that you can still be on the loan and the deed, even if you don't have income.. however, if the reason you are not able to be on the loan is because you don't qualify, then i'm pretty sure you will need to wait 6 months before he can pull cash out. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893