Cash out refi Seasoning

[Jason Halliburton]

With Freddie and now Fannie updating seasoning requirements to 12 months, are there any other options apart from a non-qm/dscr loan? Im a newbie and have been building the start of my business to purchase my first BRRR property for the past couple of months. Started looking at properties this week and ready to get a deal done. But with the season requirement news.

I feel like I've done so much leading up to this point and finally ready to take the next step but now stuck at this roadblock. I'd be going the route of a HML for purchase and rehab, which holding cost for that 12 month period just wouldn't make sense. Is anyone else running into this issue?

[Sharon Mittelman]

Quote from @Jason Halliburton:

Quote from @Mike Singer:

If it's not owner occupied that will be your only option. There's alot of good NonQM loans out there. You can look at it as a short term loan until you qualify for Fannie/Freddie products. 

Yeah that’s a good point. With the rates I’ve been made aware from the multiple lenders they are upwards of 8%. But I guess if you look at it as a short term to get me through the seasoning then refinance to conventional for that lower rate. 

@Jason Halliburton it depends on your credit , you can get it in the 7s. Shop around and dont over pay.