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5 posts by 2 users
I just got a purchase agreement on a flip house that I've owned for less than 90 days. the mortgage company that the buyers are going to use is Chase Bank.
Do any of you flippers know if Chase will lend on a house that hasn't been seasoned for 90 days? if not i need to tell the buyers to find another lender..
What kind of loan are they getting? Is it FHA or conventional?
If it's FHA, I do not believe Chase will do the loan in less than 90 days...
J Scott, Lish Properties, LLC
Telephone: 770-906-6358
Website: http://www.123flip.com
http://www.123flip.com
I could be wrong, but last I checked, Chase wasn't funding FHA loans that aren't seasoned at least 90 days (and may require the contract to be signed after the 90th day).
I would recommend two things:
1. Find other successful investors in your area and ask them what brokers/lenders they are using to get these deals funded;
2. Talk to a very good mortgage broker and have him ask around to his underwriters to see which will do this. I've found that the regional banks are the most likely to be willing to fund these deals.
As a last resort, start calling around to various Wells Fargo and Suntrust branches, and ask the loan originators if they can do it. Some underwriters in these banks will, but not all, and often the LOs don't know the difference.
J Scott, Lish Properties, LLC
Telephone: 770-906-6358
Website: http://www.123flip.com
http://www.123flip.com
I know lenders in my area will do it, but the borrowers already were preapproved through Chase. i think I'm going to offer them man incentive to use my preferred lender.
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