Wholesaler · Manayunk, PA · Member since 2019 · 10 posts · 4 votes
So my father and I are under contract on our first rental. I brought him the deal and he is using a HELOC to fund it. The property is in Norristown, PA. The property has a tenant in place and they have lived there for 5 years with no plans on leaving. My question is will a bank lend us a mortgage right away or will they require us to wait a seasoning period?
I've seen banks go both ways. It comes down to just getting on the phone and asking them. Try a local bank to your area, they are usually the most flexible.
I've never heard of a bank waiting a seasoning period on a property if it's already tenanted, etc. The seasoning will just be how far they check back on your financials.