After buying a home with cash, Delayed Financing lets you quickly do a cash-out refinance as soon as the next day, or up to six months after closing, to recoup the funds.

It’s a great program for buyers who:

• Have the available funds to pay cash for a home.
• Want to avoid the bidding wars common in a competitive market.
• Who have loan source for the funds that needs to be quickly paid back, such as a retirement or other investment account.

This Delayed Financing program is available for primary and secondary homes, investment properties, and one- or multi-unit properties. Borrowers with credit scores as low as 620 are also eligible.

There are important guidelines that must be followed with this program. The transaction must be documented by a settlement statement showing no mortgage financing was used to obtain property. Title search must show no existing liens on the property. Source of funds for the purchase must be documented (gift funds may not reimbursed). The new mortgage may not exceed the documented purchase price. Original purchase must have been arm’s length. Cash out refinance eligibility requirements and pricing apply. Other restrictions may apply as well.

If you think this program can work for you, contact a NOVA Loan Officer for details.

The Program information shown is for informational/educational purposes only and does not represent a commitment to lend or extend credit. Other terms and conditions may apply. Contact your Loan Officer for more details.