Posted on: 04th Jun, 2010 02:38 pm
I have a client who purchased a home in Sept., 2009. The home was financed FHA30, purchase price of $180k and the home appraised at $215k at the time of close. He has since spent $75k on improvements, repairs, etc.; this expense is documented.
Is there any exception to the rule of 12 months seasoning on cash-out FHA financing? The current estimated value is $270-$290k.
Any suggestions are greatly appreciated.
Is there any exception to the rule of 12 months seasoning on cash-out FHA financing? The current estimated value is $270-$290k.
Any suggestions are greatly appreciated.
Hi mattkooistra,
As far as I know, the seasoning requirement remains the same. Your client will have to wait till September, 2010, in order to get a cash out FHA refinancing.
Thanks
As far as I know, the seasoning requirement remains the same. Your client will have to wait till September, 2010, in order to get a cash out FHA refinancing.
Thanks
Thanks, James. That is what I thought too, just wondered if there were any loopholes if we doc'd the improvements for the value consideration.