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Forums » Seeking Financing, Money, or Loans » Rahab/HML - refinance seasoning?

Rahab/HML - refinance seasoning? Subscribe to Rahab/HML - refinance seasoning?

6 posts by 5 users

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Kirstan Vandersluis

Real Estate Investor · Colorado Springs, Colorado


Forum_avatar_avatar-sluiser

Icon_minipost Mar 05 '09, 09:55 PM

I'm planning to purchase/rehab/rent a property in Colorado. One of the financing options is a rehab loan from an hard money lender for %70 LTV after fixup. Anybody know if there are seasoning requirements for refinancing to a conventional loan?

I know any cash-out refi requires 6 to 12 months title seasoning. I don't know if this seasoning requirement exists if I use hard money for the purchase. I'm thinking/hoping this would be a simple refi/no cash out, which hopefully has no seasoning requirements.

Edited: 06/26/2010 at 07:29AM


Jon Holdman

Real Estate Investor · Denver, Colorado


Forum_avatar_avatar-wheatie
ModeratorPro

Icon_minipost Mar 05 '09, 10:09 PM

I'm hearing there are. I'm also about to do a similar deal, and was told I can't even start the refi until I'm on title for three months. Then it will take four to six week at a minimum to complete the refi. I'm budgetting for six months of hard money payments.

Edited: 06/26/2010 at 07:29AM

Small_flying-phoenixJon Holdman, Flying Phoenix LLC


Ben Carmona

· Wentzville/St. Louis, Missouri


Forum_avatar_avatar-investment_loan

Icon_minipost Mar 07 '09, 03:08 AM

I've said this multiple times but dont mind sharing again. There are NO seasoning requirments for Fannie Mae "No Cash Out" refinances. If you are only paying of the loan used at purchase then you can use the appraisale value to determine the ltv.

If you are hearing otherwise then either the lender or broker is misinformed or dealing with underwriting guidelines that have overlays.

Edited: 06/26/2010 at 07:30AM


Michael Culler

Real Estate Investor · Tampa Bay, Florida


Forum_avatar_avatar-hardmoneymikey

Icon_minipost Mar 09 '09, 02:58 AM

It's true that you can do a rate/term refi with no seasoning requirements if you qualify for a Fannie Mae loan.

The important thing to do is to make sure that you DO qualify for a Fannie Mae loan ONCE YOU OWN the property.

In other words you need your broker to look at your future debt to income ratio based on you owning the property.

They will use an automated underwriting system that can tell them quickly if you are approved or not.

The answer is yes, Fannie Mae does this. Although if you own too many properties, your Debt to Income is too high, or your score drops as a result of something else you may have some trouble getting funded on a Fannie Mae loan.

Edited: 06/26/2010 at 07:31AM


Tay Gainey

Real Estate Consultant · Atlanta, Georgia


Forum_avatar_avatar-hrznventures

Icon_minipost Mar 12 '09, 06:00 AM

Could you guys post here what are Fannie's qualifications?

Edited: 06/26/2010 at 07:33AM


Ben Carmona

· Wentzville/St. Louis, Missouri


Forum_avatar_avatar-investment_loan

Icon_minipost Mar 13 '09, 09:53 AM

That's like several hundred pages.
What specifically?

Try efanniemae.com
Single family
Guidelines
Allregs (this is their online guidelines)

Edited: 06/26/2010 at 07:34AM


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