Refinancing Property Into A Pay Option Arm
Would like to refinance property into a pay option arm.
But was told that I had to wait since I just bought the property lender told me it needs some seasoning. Is there any way around this?
Find a lender that doesnt require seasoning. I believe Wells fargo doesnt..but if you try other mortgage brokers in your area you should come across one that can certainly help you...Try the "lenders" area on this website..quickest way to narrow down your search
If your just doing a rate and trem refi then seasoning is NOT an issue.
Quote:
On 2006-03-07 16:17, jofficez wrote:
Would like to refinance property into a pay option arm.
But was told that I had to wait since I just bought the property lender told me it needs some seasoning. Is there any way around this?
As long you are doing a rate and term or the property is a new build and going off of the new appraised value you will be ok.
There are some lenders that will allow to due cash out, but this is really going to depend upon your scenario and whether or not you meet the guidelines.
Let me know if you have any other questions or if you need assistance. I am a licensed banker/broker in CA.
Thanks,
mark