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6 month seasoning 800+ fico score

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gs400paul Joined: 05 Dec 2008 Posts: 3 1.90 Dollars($)	Posted: Fri Dec 05, 2008 1:37 pm    Post subject: 6 month seasoning 800+ fico score Like 0 Dislike 0 6 month seasoning I bought a home cash 1 month ago Would like to Refi and get my cash out and lock into these good rates is there any way around 6 month seasoning FICO 800+ verifiable income SOLID PARTY
JohnatAFC Guest	Posted: Fri Dec 05, 2008 3:31 pm    Post subject: No Seasoning Like 0 Dislike 0 What state is property in? There are some portfolio lenders with no seasoning requirements. I could only help you in NJ or CT or parts of NY.
gs400paul Joined: 05 Dec 2008 Posts: 3 1.90 Dollars($)	Posted: Fri Dec 05, 2008 3:37 pm    Post subject: California Like 0 Dislike 0 sorry I forgot to put that in, its contra costa county California
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Fri Dec 05, 2008 9:13 pm    Post subject: Like 0 Dislike 0 Hi gs400paul! Welcome to forums! As far as I know, most of the lenders will require a minimum seasoning period of six months before you can pull cash out above the original purchase price. I think, you will need to wait for six months before a conventional lender will look at a new valuation. Feel free to ask if you have further queries. Sussane
Guest	Posted: Fri Dec 05, 2008 11:30 pm    Post subject: Like 0 Dislike 0 "pull cash out above the original purchase price." But in our case we would like cash out at or even below the purchase price we payed all cash for the property and now would like to finance, this would not be as hard as it is now since this credit crunch. This rule was not even meant for us but still effecting us in a great way.
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Sat Dec 06, 2008 3:38 am    Post subject: Like 0 Dislike 0 Hi Guest As far as I know, you will not be able to get a refinance before 6 months. I think you should wait for 6 months and then look for refinancing the property. Thanks. _________________ Good is the Enemy of Great.
aninja750 Guest	Posted: Tue Apr 28, 2009 5:48 pm    Post subject: In the same boat Like 0 Dislike 0 I know it makes no sense. I just wanted my money back too. I am going through the same as you now. Took me 3 months just to figure out all these rules b/c even the front line reps and some managers at the banks dont know about seasoning. Go through a bank that is a portfolio lender (ie doesnt sell off their loans but keeps them). USAA and Bank of the West in California are two that I have found. Feel free to contact me at "razmataz40@hotmail.com". [Email address deactivated as per forum rules]
JKennedySLG Community Expert Joined: 01 Apr 2009 Posts: 408 Location: New Jersey/New York 20.05 Dollars($)	Posted: Tue Apr 28, 2009 6:26 pm    Post subject: Like 0 Dislike 0 As aninja750 stated, local portfolio lenders do have programs with no seasoning. The cash-out restrictions may limit you as to what you may be looking for. The only other option would be Hard Money, which is high interest rates and def. not your first choice. I hope this helps... _________________ James Kennedy New York/New Jersey (732)979-7409 Hard Money & Stated Income Loans First Time Home Buyers (540+ Credit)
kathyvan95 Joined: 08 Apr 2010 Posts: 1 1.15 Dollars($)	Posted: Thu Apr 08, 2010 12:02 pm    Post subject: 6 months seasoning Like 0 Dislike 0 You can get past the 6 month Fannie Mae Requirement for seasoning if you ask your lender to do the loan as a non conforming loan. Rates are a bit higher, but then it is not a Fannie Mae loan. and they can refinance it without the seasoning time.

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