Florida Market Value Restrictions for Equity Determination

[rdoolitt]

Florida
Someone advised me that in the state of Florida there is a 1-year period before the determination of equity can be based on fair market value, is this correct? I have tried to search Florida statues, but cannot find any references on-line.

 

[nextwife]

Requirement by whom? If this is a lender requirement (so that the loan is "seasoned") it would not be statutory. Can some local lenders and inquire.

 

[MortgageGuru]

From a lender's standpoint, you can not refinance and get cash out over the purchase price of the property. Also, many lenders have very strict guidelines when it comes to property flipping. Can you be more specific with what you are trying to do?