after buying the house? I am getting a good deal on a house but it has to close quickly. My father is willing to loan me the money for closing but I will have to get a FHA mortgage asap and return his money.
can it be done and what much time I have to get FHA mortgage?
It used to be easy to do this. You closed the sale as a cash buyer. Next day you fill out your loan application. 30 days later you have a loan on the house. The same as any homeowner who wants to "cash out" or refinance their home.
You will probably have to wait 1 year to refinance after you close the cash sale. This is part of the current lending climate. THis is considered a "cash out" refinance.
No. You could apply for a refinance but FHA does not do that
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One thing banks look closely at when evaluating a mortgage these days is where the down payment and closing cash is coming from. Your father loaning you the money will not be looked upon positively and you will probably not be approved.
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It used to be easy to do this. You closed the sale as a cash buyer. Next day you fill out your loan application. 30 days later you have a loan on the house. The same as any homeowner who wants to "cash out" or refinance their home.
You will probably have to wait 1 year to refinance after you close the cash sale. This is part of the current lending climate. THis is considered a "cash out" refinance.
References :
if you buy a home with cash, you don’t need a mortgage
and you will only get a mortgage for 80% of the value, so if you have to give your father back all his money, then you won;t be able to get the mortgage – you will need at least 20% of your own money, plus refi fees
doesn’t sound like you are anywhere near ready to buy a house
you need your own cash – you’re not allowed to borrow any down payment money
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