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Are there any lenders, bankers or mortgage brokers that don't have title seasoning requirements?

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Richard Hudson

Real Estate Investor from New York City, New York

Jun 24 '09, 06:02 AM


have short sales and pre-approved end-buyers but I'm having problems selling to my pre-approved end buyers because of title seasoning requirements. Lenders are wanting title to be held 90 days to 6 months before I can sell to my end buyers. They call this flipping properties, but flipping properties is not illegal and title seasoning was enforced because of bad investors and realtors, who were forging appraisals, loan fraud and forging titles. I do what is called A to B and B to C transactions where I do double closings with acquistioin funds by buying properties all cash and selling to end-buyers all done in the same day. Are there any lenders, bankers or mortgage brokers that don't have title seasoning requirements and who have pre-approved buyers that I can sell properties too, I buy all cash.


Edited Jun 26 2010, 08:43


Scott M.

Real Estate Investor from Rochester Hills, Michigan

Jun 24 '09, 10:49 AM
1 vote


Search is your friend :) This is a recent thread on the topic.

http://www.biggerpockets.com/forums/67/topics/31351-getting-around-the-9-day-seasoning-rule

Bottom line - if your buyers are FHA no - no way to get around it. If your buyers are cash or conventional there is no or very little seasoning (some lenders may want 30 days).


Edited Jun 26 2010, 08:43


Danielle B.

Colorado

Oct 04 '09, 06:50 AM


I can hellp with that, on my conventional full doc side I can go to 80% with a 620, 95% with a 680. For my Stated product I can go to 80% with a 660. 2 appraisals may be required depending on the underwriter discretion.


Edited Jun 26 2010, 09:56


Chris Chung

Real Estate Investor from Denver, Colorado

Oct 05 '09, 01:33 PM
2 votes


Sometimes local banks and/or savings and loans offer loan products that don't require title seasoning. Google some smaller banks in your area and ask them if they offer "Portfolio Mortgages"


Edited Jun 26 2010, 09:57


Bill G.

Real Estate Investor from Springfield, Missouri

May 10 '10, 07:35 AM
1 vote


Hi, Chris nailed this one...small or regional banks. In my area, MEtropolitan National Bank told me they have no seasoning requirement on any portfolioed loan, why? Because you need at least 20% down, usually 25% and the appriaser will note the last sale and how much it was and if there is a great spread they will ask the appriaser to justify with another comp or doc the improvements made. Like it should be done! Only competent lenders can make loans without seasoning requirements! Bill


Edited Jun 26 2010, 12:47


Danielle B.

Colorado

Jun 12 '10, 12:09 PM


FHA has removed the 90 day requirement.
Borrowers will still need a 620 fico and down payment is allowed to be gifted from a family member.


Edited Jun 26 2010, 13:12 by Moderator


Jon Holdman Moderator

SFR Investor from Wheat Ridge, Colorado

Jun 12 '10, 12:14 PM


Danielle, if you have more to say on this topic, please post here rather than asking members to contact you.


Edited Jun 26 2010, 13:12


Jon Holdman, Flying Phoenix LLC


Jackie Patterson

Real Estate Investor from Kalamazoo, Michigan

Jun 12 '10, 01:03 PM
1 vote


For a conventional loan, any banks that hold the loan (portfolio) will work. Credit unions are also a good bet.


Edited Jun 26 2010, 13:12


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