Posted by Matt on December 04, 2006 at 14:05:59:
I know I can refinance and I’m almost positive I can cash out - assuming
the equity is there. I’ve owned the property for a year and a half. My
question is more for when I sign the house over to my brother - there
may be other issues
refinancing for sub2 duplex - Posted by Matt
Posted by Matt on December 04, 2006 at 10:55:54:
I own a duplex sub2 in MA. I want to get the mort. out of the previous owners
name. I know that I can refi w/ a noo loan, but – -
My question is - If I give the house to my brother, who currently lives in one of
the units, can he immediately refi w/ cash out - owner occupied funding or does
there have to be seasoning. He has credit of around 660 and around 60k cash
in the bank.
Am I forgetting anything here, or will I run into any problems doing this?
Re: refinancing for sub2 duplex - Posted by Tim
Posted by Tim on December 04, 2006 at 13:20:24:
I tried to refi a property I bought “subject to” and I was told that I could not refi with cash out but the refi would be treated like a purchase and I would have to put money down.
Tim