Hankness asked:


I am planning on buying a home that needs a lot of work. I also have some credit card debt I would like to get rid of. I have the 10% to put down and have been pre-approved for a mortgage.

If I buy this home, can I then turn around and do a cash-out refinance for, lets say, 80%-90% of appraisal value? Would I have to wait a certain period before a bank would do this?

Gary

fromthecabbagepatch asked:


With no money down? This is our first home and we’ve owned it for 4 years and looking to refinance.

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