Wholesale Seasoning
Is the only option for a simultaneous close funding private money or selling the note at a discount?
What are some lenders that will allow and fund a simultaneous close and/or have no title seasoning?
Talk to a mortgage broker, and explain the situation to them and let them go to work for you. They will know of non-FHA lenders that will work with you.
Jeff
I'm a loan officer in KY.
My experience is it will be very hard to find a lender that won't require title seasoning.
My advice is either going private money, hard money, or trying a local bank or credit union that is more flexible.
Every sub-prime lender I know of requires title seasoning of at best, 6 months.
most hard money lenders do not require seasoning though.
hope this helps!
You are a loan officer, ok.
Are you a mortgage broker?
There is a big difference. Loan officers can work for lenders or financial institutions. Mortgage Brokers work for themselves. They can shop around for loans for someone. Not just with a small list of venders. The Mortgage broker I work with has several lenders that do not require title seasoning.
Find a "Mortgage Broker"
Jeff
loan officer for a mortgage bank now....previously loan officer for a mortgage brokerage -- which is what I am referring to.
I'd love to know what lenders you know of that dont require seasoning, because out of the 20 or so sub-prime lenders I've worked with, none of them were without seasoning requirements.
Email me if you would...thanks!
As far as I know, no conventional lenders have seasoning requirements. They will however look very closely at the appraisal. VA also has no seasoning requirement.
Funding a simultaneous close is a different topic. I do not believe (I have a call into my title company for this very question) any lender will allow their funds to fund a previous close. So no double close unless it is cash, a private lender, or your real estate attorney does not fully disclose.
Brenda
Greenpoint they take forever and a day though