Real Estate Consultant · Athens, Greece · Member since 2008 · 4 posts · 0 votes
I am in Toronto, Canada, with an SFR house in St. Louis, MO, that am trying to refinance but having trouble finding a lender that still has an FN program. Everyone I knew has discontinued their programs with the subprime market changes. Can anyone help? Does anyone know of any lenders still financing FNs?
Thank you
Sotirios
Real Estate Consultant · Athens, Greece · Member since 2008 · 4 posts · 0 votes
19y
Hello Ben,
I had not forgotten you :) but I was referring to institutional lenders. Besides, based on our previous talks, for cashout you needed 12 months seasoning.
Wentzville/St. Louis, MO · Member since 2008 · 359 posts · 1 vote
19y
Indeed, at the time seasoning was a challenge for some foreign nationals. In researching new lenders after the recent programs cuts, I actually found a couple lenders that may work for this. We can discuss tomorrow offline if you'd like. Before 10:30 cst would be best.
Wachovia Mortgage can cash out refi for a FN through its World Savings affiliate. We will advance 65%-85% LTV, depending on how we can qualify your residence (we might be able to underwrite as primary residence rather than second home).
If seasoning is an issue, LTV would be based on the original purchase amount rather than the current market.