Cashing out a JUMBO loan on our new house.

[FISHintheTank]

My credit score are bad, so my wife's applied for a construction loan on her own.  She was approved with a 6% on a Jumbo loan for a 12 months term. And it will turn into a conventional mortgage with less interest for a 30 year term.  I calculated the interest for 12 months would be $92k. We turned down the offers and went ahead with the construction with our cash.  My questions is.  If we decided to cash out after the house is finish. How much or the percentage that we can cash out from the full price of the house?  Would the process be easier with a Jumbo loan mortgage than the construction loan?  Or should we try to keep the cash out price under the Jumbo loan? We wasted so much time with the bank over this contruction loan.  That 92K will go to the pool instead of the bank.  The thing is, I want to cash out as much as I could, since it's our investment money.  Thank you for reading.

[ShanetheMortgageMan]

Usually you can do cash out up to 75-80% of your home's value, but the majority of lenders will cap the amount of cash out you can receive to $500k-$1MM, not to say you can't get more than that if you look around.

Be absolutely certain you can complete this home with your own money and you won't need to get financing to complete it, because once you begin building a home it's difficult to get financing to complete the home - usually just private/hard money available at that point making that 6% rate look very attractive.  Too much risk for Mechanic's liens and other potential title and building issues.

If you think completing it with your own money could become tough then you could put more money down on the construction loan so you aren't paying as much interest.