Posted on: 05th Dec, 2008 12:37 pm
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
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
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.
sorry I forgot to put that in, its contra costa county California
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
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
"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.
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.
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".
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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...
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.