seasoning time in OH

2 Replies

I have the chance for 1 year line of credit that will allow me to purchase a house.

I was planning to buy something in Cleveland, OH but I would need refinance as soon as possible.

does anybody know the seasoning time if there is some in OH state.

what would be the chances of not getting it, and what would be an standard percentage for that type of credits?

experienced people doing BRRRR strategies, any advise?

Originally posted by @Carlos Pelegrina :

I have the chance for 1 year line of credit that will allow me to purchase a house.

I was planning to buy something in Cleveland, OH but I would need refinance as soon as possible.

does anybody know the seasoning time if there is some in OH state.

what would be the chances of not getting it, and what would be an standard percentage for that type of credits?

experienced people doing BRRRR strategies, any advise?

 You could do a refinance anytime you like. The seasoning comes into play when getting an appraisal. Some lenders want to see 6 months of ownership before they are willing to do a new appraisal. If it's less than 6 months they will weigh heavily on the original purchase price when coming up with a value. What is the reasoning behind buying then refinancing? Why not just buy with a traditional loan in the 1st place?

James Wise, Real Estate Agent in OH (#2015001161)
216-661-6633

Thank you @James Wise

Yes you are right,one option would be an standard loan, The benefit would probably be if I can add some forced appreciation before refinancing, it would be a deal with mostly OPM while with an standard loan I must put a 20% down most likely, jut trying to be creative to finance the deal. Not sure if it would work and if its worthy

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.