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Updated over 8 years ago on . Most recent reply

Betty Cruz's profile image
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Betty Cruz
  • from San Antonio, TX
  • Member since Oct 18, 2016
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Betty Cruz's profile image
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Betty Cruz
  • from San Antonio, TX
  • Member since Oct 18, 2016
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Betty Cruz
  • San Antonio, TX
163
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240
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Private Lending & Conventional Mortgage Advice

Refinance seasoning period

Betty Cruz
  • San Antonio, TX
Posted

I am going to buy my first rental property in San Antonio with my HELOC because it needs to close fast. I plan to do some improvement and the value should increase right away. I spoke to my lender who said it would take 2 years "seasoning" time before I could refinance and get my money out. Any advice? Is this typical or should I look for a different bank? Any suggestions of banks?

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Ross K.'s profile image
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Ross K.
  • Investor
  • from Boerne, Texas
  • Member since Jan 21, 2014
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Ross K.
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  • from Boerne, Texas
  • Member since Jan 21, 2014
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Ross K.
  • Investor
  • Boerne, TX
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Ross K.
  • Investor
  • Boerne, TX
Replied

@betty 

@Betty Cruz for a conforming loan, Fannie and Freddie seasoning requirement is 6 months. If you're going with a conventional, find a new lender who can do the 6 months. 

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