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Cash out refi question

The last post in this topic was posted 823 days ago. 

 

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So I purchased a home with cash and plan to do a cash out refinance right away. The home is worth more than what I bought it for so I figured I could get all my initial investment back because the 80% LTV would be more then my purchase price. All the the language I’ve seen just states 80% Max LTV with it. The loan advisor said it 80% of purchase price. I think he might be wrong because only language I see say 80% LTV. Only thing I seen on purchase price was the 80% LTV couldn’t be more than the purchase price. Am I missing something? 

 

https://www.fanniemae.com/content/guide/selling/b2/1.2/03.html

 

 

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Current appraised value is used & you can get cash out up to the original purchase price.   https://www.fanniemae.com/content/guide/selling/b2/1.2/03.html#Delayed.20Financing.20Exception is the specific section from the link you posted.

 

Need to also comply with the applicable cash out LTV restrictions based on occupancy type, which can be found at https://www.fanniemae.com/content/eligibility_information/eligibility-matrix.pdf on page 2.

Edited by liverichly

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