Seasoning Periods for Limited Cash Out Refi

[Mark Koontz]

I am currently under contract on a primary residence that is in disrepair. Due to the closing deadline/home condition, I am looking to use a private lender for the purchase instead of conventional from the start. The private lender wants to be repaid in ~3 months. That would give me enough time to repair the house to meet conventional standards and force equity for the cash out LTV %. I know Fannie/Freddie changed the guidelines for a cash-out refi to 12 months, but I'm seeing something called a no cash-out refi/limited cash-out refi. If the only cash being pulled out of the house is to pay off the first lien (private lender), is there still a seasoning period? Rehab will be paid with my cash.

Also I have the option of recording a lien, or not recording a lien for the private lender. Not sure which would be better. 

PP: 400K

Rehab: 50K

ARV: 600K

Here is where I'm seeing the information -

https://selling-guide.fanniemae.com/sel/b2-1.3-02/limited-ca...

https://guide.freddiemac.com/app/guide/section/4301.4

[Clint Jusino]

Quote from @Mark Koontz:

I am currently under contract on a primary residence that is in disrepair. Due to the closing deadline/home condition, I am looking to use a private lender for the purchase instead of conventional from the start. The private lender wants to be repaid in ~3 months. That would give me enough time to repair the house to meet conventional standards and force equity for the cash out LTV %. I know Fannie/Freddie changed the guidelines for a cash-out refi to 12 months, but I'm seeing something called a no cash-out refi/limited cash-out refi. If the only cash being pulled out of the house is to pay off the first lien (private lender), is there still a seasoning period? Rehab will be paid with my cash.

Also I have the option of recording a lien, or not recording a lien for the private lender. Not sure which would be better. 

PP: 400K

Rehab: 50K

ARV: 600K

Here is where I'm seeing the information -

https://selling-guide.fanniemae.com/sel/b2-1.3-02/limited-ca...

https://guide.freddiemac.com/app/guide/section/4301.4

@Mark Koontz I'm currently doing a 2 step loan at the moment and can share details on the whole process. No seasoning period. DM me for details.