Posted on: 22nd Jun, 2010 08:39 am
I have just bought a house for $500K and paid cash for it. I want to add a mortgage to the property but just found out that there is something called a "seasoning period", does anyone know of any lenders that do NOT have such seasoning periods? thx...
Are you trying to use a higher appraised value than the 500k? Some seasonning requirements only apply within the first six months when attempting to use a higher value than what the house was purchased for.
How much are you trying to take out? Is this a primary residence or investment?
How much are you trying to take out? Is this a primary residence or investment?
Are you looking for a line of credit or mortgage. Guidelines tend to be different and like Nic asked, are you looking to use a higher value than you purchased it for?
There are lenders that do not have seasoning periods for cash out refinances.
Most of such lenders would be portfolio lenders who use their own money and have their own guidelines.
Those lenders are usually not national lenders. You may get a better answer if you note the state in which the property is located because someone will need to know the local porfolio lenders.
Most of such lenders would be portfolio lenders who use their own money and have their own guidelines.
Those lenders are usually not national lenders. You may get a better answer if you note the state in which the property is located because someone will need to know the local porfolio lenders.
