Refinance without seasoning?
11 Replies
James Gleeson
Investor from St Louis, MO
posted almost 2 years ago
Does anyone know of a lender who would refinance a property without the typical 12 month seasoning? Any way in general to refinance out of a property without seasoning? Maybe 6 months instead of 12 months?
Steve K.
from Denver, Colorado
replied almost 2 years ago
I just listened to Podcast #237. There, @ian reeves said he had zero seasoning by using a commercial loan.
Elsewhere, there are banks that will do 6 months seasoning and it seems to still be a "conforming" loan for them.
Christina Linn
Investor
replied almost 2 years ago
From what I understand, Quicken Loans only requires 6 months. Otherwise your best bet will be a small local bank that is using private funds for lending.
Daniel Federico
Lender from Irvine, CA
replied almost 2 years ago
Are you refinancing one property or a portfolio?
Harjeet Bhatti
Lender from Chicago IL- CDLP
replied almost 2 years ago
@James Gleeson You can cash out after 6 month under conventional loan even though you have used HML. If its rate and term you can refinance any time.
James Gleeson
Investor from St Louis, MO
replied almost 2 years ago
@Daniel Federico a portfolio
Daniel Federico
Lender from Irvine, CA
replied almost 2 years ago
Lauren B.
from Asheville, North Carolina
replied almost 2 years ago
@James Gleeson my local credit union refi'Ed my HML after two months. They had no seasoning. Call small local banks and credit unions.
Kyle McCorkel
Rental Property Investor from Hummelstown, PA
replied almost 2 years ago
I have a local portfolio lender that requires no seasoning. I found them by asking around on Bigger Pockets!
So, I’d recommend asking people in your area either on BP or in local meetups.
Once a few investors in my area discovered the portfolio lender the word spread like wildfire! Now it seems like everyone is using them.
Scott Schaar
Rental Property Investor from Evansville, IN
replied almost 2 years ago
@James Gleeson If you go commercial you don't have to "season" . I closed on refi 3weeks after I moved my first tenant into the property . If your using your LLC, that's the way You have to go anyway .
Nicholas Iglesias
Lender from Miami Florida
replied almost 2 years ago
You can refinance rate and term with no title seasoning. However, with cashout you have to have 12 months title seasoning for FHA and 6 months for Conventional.
Michael Glist
Lender from Denver, CO
replied almost 2 years ago
Most lenders should be 6 months at least thats my experience and I know there are a few that will do less then 6 months.