Getting a Mortgage After Paying Cash
Getting a Mortgage After Paying Cash
Hi- We're looking to purchase a bank owned fannie mae property for all cash in order to make our offer stronger. We would like to take out a mortgage after we've purchased the home. How long are we required to wait afterwards?
2 Answers
Votes
Older
Newer
1
That will depend on your net worth, the amount of money you've left after you buy the bank-owned property. THe new mortgage lender will check your income so that he knows whether or not you'll be able to make timely payments on your mortgage. He will also check your credit score.
1
You won't have to wait in order to take out a mortgage on your property. As you will be purchaseing the property for cash, it means that you will be owning the property free and clear. In such a situation, you can take out a loan whenever you wish if you meet all the required criteria of the lender.