Have to wait 6 months after buying a house to refinance???

[Anonymous]

So I bought a house for cash with help from my parents because it was a fixer upper and wouldn't pass appraisal but I had to buy it "as is" condition so had to pay cash and then once I fixed everything up I was going to refinance it and pay back my parents but I just talked to my loan officer and he said they the loan companies had just sent out a letter saying that you have to wait six months after a purchase to refinance.

I was also wondering what would the advantages be for them to have this rule????

[DallasLoanGuy]

flipping rule to prevent investors from inflating value.

you can refi now.... but you cannot use the new appraised value.... appraised value will be old acquisition cost for 6 months

[BungalowMo]

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@DallasLoanGuy wrote:

flipping rule to prevent investors from inflating value.

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Glad to hear that.  We've had issues in my area with flippers buying cool old homes in our Historical District!  (and totally turning them into plastic pieces of JUNK!)