Cash Out Refinance
I bought a property 6 months ago that needs rehab work. The balance on the mortgage is 95K. The property is now worth 145K after a recent appraisal. The property needs 30K of work. Can I get a cashout refinance for 90% of the appraised value and use the money for fixing up the property, considering I just owned the property for only 6 months.
Any advice appreciated.
Thanks.
The property is a single family and needs new floors,bathroom, kitchen etc. The house is worth around 200K after everything is completed. The quotes I have received are in the 30K - 40K range.