No Seasoning Cash Out Refinance
I’m completing my first rehab project that I financed with a hard money lender. My goal is to get a no seasoning cash out refinance loan on the property and rent it Section 8.
My credit score is less than 600 around 585. Can anyone refer me to a lender?
Yaisa
Did you look in the lender area on this site? There are several listed with different requirements.
I've called several lenders from the website and have not heard back from any.
Check out Equibanc, and 1st Bank of Arizona, if available in your state. They don't require seasoning. Your score may be a bit low for 100%, but you may get 90?
Try the bank where you do your checking. They usually will give you the best rates and will work with you.
Lori
[addsig]
I did one with Fairmount Funding in New York city. I don't have their number handy. but they should be in the book.
They did 90% LTV cash out with no seasoning
Hi Yaisa, how did your rehab go? Im interested in the details good and bad, how long did it take? I also live in the chicago area, and I spoke with Phil Herrejon, he mentioned that you were looking for a partner a few months ago, and I was close to calling you, but I did not have the cash at the time. I assumed you did this deal with a partner? How did that work out? Finally, are you renting because you had a hard time selling it? Maybe we can work together in the future, or at the very least I would love to hear about your experiences. -Craig
Craig
I did this deal by myself. The closing was delayed for several reasons. I closed on June 1st. My contractor will be finished with the rehab on the 21st.
The property is located in Harvey and I think it would be better to hold and rent section 8. Please give me a call when you have time and I will share all the details with you.
I had the same trouble as Yhagood. I contacted a couple of lenders on this site and got no response to either my email or telephone inquiries. They had both updated their programs since March '04.
check out credit union to which may belong of have the right to belong (e.g. union membership).
They are much more liberal with there underwritting guidelines.
CitiMortgage did one for my own home, but I need to show receipts that would document the uptick in value.
Yhagood and bbadger,
I am having the same problem. They say they will get back to me but then they don't.
We have used one of the Florida brokers on the TCI website and received a positive response.
Could you leverage a HELOC and pay off the first (hard money lender)?
Eric & Rosa
[addsig]
Yhagood
Keep us posted on the non seasoning lender you find, good luck.
Can you describe your process on how to find the Hard money lender and how they handled the transaction? Were they local to you or from out of state? Did they have a high interest rate and points?
I work for a lender that requires no seasoning for cash-out. Only thing is we are only lending in select States and I am a wholesale rep, you would have to have your mortgage broker submit your loan to us. Sam Clark: 949-306-4946
Lending in: FL, NJ,CA,AZ,UT,CO,OR and NV[ Edited by samclark39 on Date 06/27/2004 ]