End Lenders For "B" Sells To "C" With No Seasoning.

Wachovia
Key Bank
Tower Federal Credit Union, Pennsylvania
Wells Fargo
Equity Home Mortgage
SunTrust Mortgage
Contour Mortgage Corp.
Countrywide Mortgage
Flagstar
First Interstate Financial
Third Federal
Home Savings
Provident
Chase Bank
GMAC

Edited: 06/26/2010 at 07:42AM by Ryan Moore

Donte Aka GetSmart

Real Estate Investor · Charlotte, North Carolina

189 posts
277 Influence
3 Awards

Icon_minipost Mar 25 '09, 12:47 PM

is this list for 09?

Edited: 06/26/2010 at 07:42AM

Mark Maly

20 posts
1 Award

Icon_minipost Mar 26 '09, 12:53 PM

Have you had success with Bank of America?

Edited: 06/26/2010 at 07:44AM

Ryan Moore

· Bellingham, Washington

31 posts
-10 Influence
1 Award

Icon_minipost Apr 03 '09, 04:34 PM

Anyone have any lenders to add to the list?

- Local Credit Unions
- Smaller Local Banks

Edited: 06/26/2010 at 07:50AM

Minna Reid

Real Estate Consultant · Tolland, Connecticut

674 posts
352 Influence
2 Awards

Icon_minipost Apr 04 '09, 01:15 AM

RD loan - USRDA - this is a 102% loan, available to rural areas nationwide. Huge around here - no seasoning, no downpayment, flexible credit...etc.

Edited: 06/26/2010 at 07:50AM

Charles Schaffer

Real Estate Investor · San Jose, California

1 post

Icon_minipost Apr 05 '09, 09:13 AM

Will this list work for FHA end buyers?

Edited: 06/26/2010 at 07:50AM

Minna Reid

Real Estate Consultant · Tolland, Connecticut

674 posts
352 Influence
2 Awards

Icon_minipost Apr 05 '09, 09:26 AM

No - FHA has seasoning requirements.

Edited: 06/26/2010 at 07:50AM

Michael Culler

Real Estate Investor · Tampa Bay, Florida

180 posts
354 Influence

Icon_minipost Apr 05 '09, 11:03 AM

Make sure your buyer is not FHA/VA. I think with the list that you provided you are looking at FNMA (Fanne Mae) qualified borrowers only.

And since that is the case, you don't need a list of lenders. Literally anyone that is in any form of lending could write a FNMA qualified borrower's loan.

Edited: 06/26/2010 at 07:50AM by Michael Culler

Daniel Bruckner

Real Estate Investor · San Clemente, California

5 posts

Icon_minipost Apr 11 '09, 10:20 AM

Don't forget FIF as well.

Edited: 06/26/2010 at 07:54AM

Richard Hudson

Real Estate Investor · New York City, New York

49 posts
-24 Influence
3 Awards

Icon_minipost May 27 '09, 03:59 AM

Originally posted by Minna J

RD loan - USRDA - this is a 102% loan, available to rural areas nationwide. Huge around here - no seasoning, no downpayment, flexible credit...etc.

Hello Minna,

Do you have more info on the RD loan USRDA and their contact info and website if any?

Edited: 06/26/2010 at 08:21AM

Minna Reid

Real Estate Consultant · Tolland, Connecticut

674 posts
352 Influence
2 Awards

Icon_minipost May 27 '09, 04:18 AM

Sorry USDA, not usrda. A local loan officer can put you in this - theres two kinds - direct funded, and guranteed, depending on income - must be low or moderate ( but they are flexible - here under 95k is considered moderate for family of 1-4) Mostly first timers or if you can prove lack of adequate housing. 29/41 ratio ( or higher with credit), down to 500's in credit, can NOT have funds to close normally. Zero down, no pmi, great rates, seller concessions are fine, the loan is fantastic. Takes forever to underwrite, but hey thats a small price.
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Edited: 06/26/2010 at 08:21AM by Minna Reid

Alex Locklear

Real Estate Investor · Raleigh, North Carolina

197 posts
863 Influence
3 Awards

Icon_minipost Jun 03 '09, 12:10 AM

Does Title Seasoning start once an option or purchase contract has been recorded?

Edited: 06/26/2010 at 08:26AM

Scott Hubbard

Rehabber · Tucson, Arizona

1025 posts
11652 Influence
11 Awards

Icon_minipost Jun 03 '09, 10:55 AM

Originally posted by Alex Locklear

Does Title Seasoning start once an option or purchase contract has been recorded?

No, seasoning starts the day after recordation of the deed.

Edited: 06/26/2010 at 08:26AM

Steve Londeau

Real Estate Investor · Columbiaville, Michigan

41 posts
34 Influence
3 Awards

Icon_minipost Jun 10 '09, 04:56 AM

There is no seasoning issues if selling to a conventional buyer though. That only comes into play for FHA.

Edited: 06/26/2010 at 08:31AM

Tom Ames

Residential Lender · Gilbert, Arizona

1 post
-21 Influence

Icon_minipost Jul 14 '09, 09:28 AM

Steve and Minna:
Which lenders do NOT require that the non-foreclsoing Seller be on title for at least 90 days? I realize this is a FHA rule but I am finding it is applied/"layered" on USDA loans by Chase and Wells to name 2. Help! Thanks.

Edited: 06/26/2010 at 08:58AM

Minna Reid

Real Estate Consultant · Tolland, Connecticut

674 posts
352 Influence
2 Awards

Icon_minipost Jul 15 '09, 10:04 AM

If the buyer is low income usda will loan direct - if the loan will just be backed by the usda (moderate income) then the lender in front will also need no seasoning. Call a local mortgage broker and ask around.

Edited: 06/26/2010 at 08:59AM

H Mann

Real Estate Investor · Bay Area, California

211 posts
1575 Influence
2 Awards

Icon_minipost Jul 27 '09, 08:17 AM

I have a pre-approval (yeah, I know it means nothing) for an end-buyer from Wells Fargo. We called, and they said that they require 6 months ownership seasoning from the seller.

Edited: 06/26/2010 at 09:08AM by H Mann

JAMES BERG

Real Estate Investor · FAYETTEVILLE, NC

1 post
4 Influence

Icon_minipost Jul 28 '09, 12:02 PM

I have the same theme. An acceptance letter from Wells Fargo for the short sale and the end buyer is pre-approved with Wells Fargo. Conventional loan and they require 6 months on deed. Help. I have less than 1 month to close.

Edited: 06/26/2010 at 09:09AM

Scott M.

Real Estate Investor · Rochester Hills, Michigan

632 posts
4345 Influence
8 Awards

Icon_minipost Jul 28 '09, 12:05 PM

James you might need to consider a HML to purhcase the house and wait the six months.

Although I read in another thread Rich is doing loans for only 30% monthly interest :)

(just kidding Rich)

Edited: 06/26/2010 at 09:09AM

Justin S.

Rehabber · Chandler, Arizona

1162 posts
12272 Influence
14 Awards

Icon_minipost Jul 28 '09, 12:15 PM

[quoteI have the same theme. An acceptance letter from Wells Fargo for the short sale and the end buyer is pre-approved with Wells Fargo. Conventional loan and they require 6 months on deed. Help. I have less than 1 month to close.

Start calling your small local banks and ask if they lend on 24 hour seasoning.

Edited: 06/26/2010 at 09:09AM

Justin S., Wheelhouse Properties
E-Mail: wheelhouseproperties@gmail.com
Telephone: 4806780446
Website: http://www.wheelhouseproperties.com
Realtor, Re-modeler, Cash Buyer

← Previous 1 2 Next →