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My husband and I bought a home from an estate. We financed $95k with our local bank and the estate financed $25k so my total loan is $120k. My issue is that we want to cash out for the improvements we need to make to the house. The as-is appraisal came in at $159k, the tax value is $206k and we want to borrow $30k for improvements. Both loans are interest only loan. We've been in the house 9 months and would like to get the improvements done but every lender tell me we have to wait 12 months to use an appraised value instead of purchase price. Do I have any other options?

adonis · Posted: Thu Apr 29, 2010 8:05 pm Post subject:

Welcome NCoop,

Did the lenders give you any reason as to why you need to wait for a year? If not, then you should ask your lender to clarify it. As far as I know, if you have equity in your property and if your mortgage is 8-10 months old, you will be able to get a mortgage refinance.

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