I bought a house cash and want to refinance for home improvements. How long do I have to wait?

Depending on what the house is worth you should be able to do that immediately. LTV will determine how much you can borrow, and certainly the condition of the home will be looked at closely because of the foreclosure.

But, you won't face any seasoning requirements if it was a legitimate cash deal.

Best of Luck!

Hi shenry!

Welcome to forums!

If you have taken a loan while purchasing the property, then you will have to wait for at least a year in order to refinance the loan. However, if you are making regular payments on your current loan, then you can speak to your lender and check out if he is ready for a refinance or not.

Feel free to ask if you have further queries.

Sussane

Well this is the catch. I'm in iraq. I did a special power of attorney for my father to purchase in my name. He mentioned something about the home getting apprasied soon. There are a few things that neeed fixed via the county said so. (The home is in Michigan). Now I just spoke with him and he went to Chase and they mentioned something about having to wait six months before I can refinance. Its kind of hard for me to make phone calls over here right now and my father is doing alot for me now to throw this on him. But I plan on asking other lenders. Is this a Chase rule? Im new to this home ownership thing lol. Thanks for the help!

Ok reading over its obviously not a refinance but just taking a mortgage out on my home. Seeing I paid cash.

Hi shenry

As you have paid cash while purchasing the property, you can simply take a home improvement loan in order to improve the property. I don't think that should be a problem in your case.

Thanks.