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I am currently renting a home in Florida thats under a short sale contract to an investor. That contract will close in the next 10 days and he will own the house. I want to purchase it from him but I am running into a minimum of 90 days seasoning required. Has anyone found a lender in FL that is willing to do no seasoning loans? My only 'downside' is that I only have 5% down (House is approximately 335k). My credit is extremely good (750+) and my family income is high enough to get these deal done easily.

jameshogg · Posted: Wed Dec 17, 2008 9:35 pm Post subject:

Hi Frustated In Florida,

I don't think lenders will be willing to go for a no seasoning loan. In my opinion you should wait for 90 days and then buy the property from the investor. I appreciate that your credit score is good but as you will be giving only a 5% down, the lender may ask you to go for a PMI (Private Mortgage Insurance). It is an insurance which protects the lender if the borrower defaults on the loan. PMI is generally required where a borrower is unable to give a 20% down.

Thanks

evolovik26 · Posted: Wed Dec 17, 2008 10:14 pm Post subject:

Florida is Soft Market which means any conventional loan over 90% will be hard to get and the payment will likely be better on FHA loan anyways if you can get it.
FHA will allow for only 3.5% down but might be limited for loan amount.

As far as seasoning is concerned you likely going to have to wait that out or go buy another property of similar value

Guest

If banks put in 1/10th of the effort in screening people 5 years ago as they do now they wouldn't be in the trouble they are in. You wouldn't think it would be so hard to get a mortgage with a high income and great credit.. I've owned a house for 10 years and just recently sold it and its just taking too long to get a replacement house. I could come up with 10% but with interest rates being so low I don't see any point in not financing as much as possible.

I guess I wait.

smithsussane · Posted: Thu Dec 18, 2008 12:29 am Post subject:

Hi Frustated In Florida!

Welcome back to forums!

Yes, it will be a better option for you to wait for 90 days and then purchase the property from the investor.

Sussane

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Seasoning Requirements.