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Getting cash when you first close on a home is not legal. You could, however, check with the lender and apply for a home equity loan after living there for awhile. Your best financial plan would be to put 10-20% down on the home, have reserves of about two times the mortgage payment amount for immediate move-in and repairs. Having equity in a home allows you to ride out the ups and downs of value. If you would need cash out, you may not be able to afford a home at this time.

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17y ago

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What are the pros and cons and steps to follow when buying a new home for cash?

I'm not sure I understand the question. Do you mean the pros and cons of buying a home WITH cash? Or do you mean buying a home FOR cash, ie for investment purposes?


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