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Financing Out of Cash-Purchased Multi-Family - Seasoning Requirement

Posted on: 26th Jul, 2009 12:32 am
I recently purchased a 3 family in Massachusetts (well, a 2 family with an in-law apt that I am 75% done converting to a legal 3 family) with CASH. I've declared the property as my primary residence, so it is considered to be owner-occupied. Now, I am trying to finance out of the property, freeing-up money for subsequent investments. My dilemma is that I heard from a mortgage broker that, in order to be able to be eligible for the financing, I would need to meet a 6-month seasoning term -- in other words, I would need to own the property for five additional months, (I purchased it a month ago) before I can finance out of it. The 6 month seasoning term, according to the broker, is imposed by Freddie Mac. Can anyone confirm / deny / correct his assessment, or offer advice as to how I can side-step the seasoning requirement? Your input is much appreciated.
emailforward05,

welcome to mortgagefit

Have you sign the documents?? If you can arrange for backdation (in same financial year) then think there are some hopes to it.

keep in touch.....
:arrow: :arrow: :arrow:
Posted on: 26th Jul, 2009 06:40 am
hi emailforward,

according to freddie mac, you would have to meet the seasoning requirements. lenders would not be ready to refinance your property if you do not meet the seasoning requirement of 6 months.
Posted on: 26th Jul, 2009 10:57 pm
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