Posted on: 05th Dec, 2008 12:34 pm
Hi Guys I posted before about the home auction, I bought the home at the auction all cash now am in another bind, I was trying to lock into these good rates and get a loan out on the house it is considered a cash out refi loan, all the lenders that we have spoke to require a 6 month seasoning due to new guidleines please if you know of any lenders that will work around that let me know we are very solid party with Excellent credit and verifiable income that is more than enough to qualify
thank you
thank you
Some portfolio lenders do not have seasoning requirements. I could help you only in NJ or CT or parts of NY. I do not know in which state the property is located.
hi johnjon!
welcome to forums!
keeping in mind the new guidelines, i don't think lenders will agree to refinance. most lenders will require at least six months of seasoning so that you can pull out cash above the purchase price. i think you will require waiting for six months before any conventional lender will look at a new valuation.
however, this community has a large number of lenders. you can speak to them about your situation and seek a no obligation free mortgage consultation from them.
feel free to ask if you have further queries.
sussane
welcome to forums!
keeping in mind the new guidelines, i don't think lenders will agree to refinance. most lenders will require at least six months of seasoning so that you can pull out cash above the purchase price. i think you will require waiting for six months before any conventional lender will look at a new valuation.
however, this community has a large number of lenders. you can speak to them about your situation and seek a no obligation free mortgage consultation from them.
feel free to ask if you have further queries.
sussane
Hi Johnjon
Fannie did change to the 6 month wait for cash out. How ever I don't know your whole loan and personal info but there is a chance that because you baught it at auction and paid cash that getting the cash out may be considered a Purchase loan. In which case you may be able to to your cash back
Mike E
Fannie did change to the 6 month wait for cash out. How ever I don't know your whole loan and personal info but there is a chance that because you baught it at auction and paid cash that getting the cash out may be considered a Purchase loan. In which case you may be able to to your cash back
Mike E