Refinance without seasoning?
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?
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.
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.
Are you refinancing one property or a portfolio?
@James G. 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.
@Daniel Federico a portfolio
@James Gleeson my local credit union refi'Ed my HML after two months. They had no seasoning. Call small local banks and credit unions.
@James Gleeson
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.
@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 .
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.
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.