Your Hard Money lender is not quite correct. Yes owning for a short time does complicate both selling as well as refi-ing out.. but to say it is impossible is not correct. It sounds like he may want you to stick with his loan shark rates.
Seasoning is the issue - but most non-fannie mae loans will allow short seasoning. Just make sure you are transparent from the jump with the mortgage broker. Some of the time I am required to show what improvements I have made, substantiating the higher sale price. But not all fo the time. I get properties refied with cash out, as well as sold with less than three months ownership all of the time.
Yes its a seasoning issue if your considered subprime. If your prime credit. and the loan is conforming. there is no seasoning issue with fannie mae loans. This is for the retail banks. in addition hopefully you got a 0 prepay with the hard money lender or an agreement for no penalties. assuming you did. you shouldnt have any issues. with refinancing out. good luck
BUy in the GO ZONE
you would not believe the oppurtunities comming on line here in Mobile.
Big business, waterfront, cheap houses
what more could you be looking for?
What????? Cumberland, MD #1 fastest growing in nation. Huh?? I have 5 places in the Cumberland Area and I have NOT seen any real appreciation there. What I have seen is positive cash flows and cheap prices. I get calls all the time from people in Cumberland, MD dying to sell their homes. All of them were bought in the last 18 months and 4 of them were purchased with zero interest owner financing. Lots of people in Cumberland are hurting for cash. I question the validity of that statement.
By the way if you do have any interest in the area contact me. see my profile
Your Hard Money lender is not quite correct. Yes owning for a short time does complicate both selling as well as refi-ing out.. but to say it is impossible is not correct. It sounds like he may want you to stick with his loan shark rates.
Seasoning is the issue - but most non-fannie mae loans will allow short seasoning. Just make sure you are transparent from the jump with the mortgage broker. Some of the time I am required to show what improvements I have made, substantiating the higher sale price. But not all fo the time. I get properties refied with cash out, as well as sold with less than three months ownership all of the time.
Yes its a seasoning issue if your considered subprime. If your prime credit. and the loan is conforming. there is no seasoning issue with fannie mae loans. This is for the retail banks. in addition hopefully you got a 0 prepay with the hard money lender or an agreement for no penalties. assuming you did. you shouldnt have any issues. with refinancing out. good luck
BUy in the GO ZONE
you would not believe the oppurtunities comming on line here in Mobile.
Big business, waterfront, cheap houses
what more could you be looking for?
Palm Guy,
What is GO Zone?
What????? Cumberland, MD #1 fastest growing in nation. Huh?? I have 5 places in the Cumberland Area and I have NOT seen any real appreciation there. What I have seen is positive cash flows and cheap prices. I get calls all the time from people in Cumberland, MD dying to sell their homes. All of them were bought in the last 18 months and 4 of them were purchased with zero interest owner financing. Lots of people in Cumberland are hurting for cash. I question the validity of that statement.
By the way if you do have any interest in the area contact me. see my profile