Updated over 8 years ago on . Most recent reply
avoiding 6 month seasoning requirement
Hello folks,
Under contract on a 2nd home with 300k cash due to the hotness of the area, I'm not interested in waiting 6 months to "season" before I'm allowed to cash out refi. Also not interested in the Delayed financing exception as it takes 25% down, has anyone quit claimed a property from their LLC to their personal name to avoid this? Any idea's?
Thank You!
James
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#5 Mortgage Brokers & Lenders Contributor
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I don't think you were asking the wrong questions. I'm just not certain you liked the answer to the situation. If the bank is going to sell to Fannie or Freddie, they have to create loans that fit their guidelines. There are lenders that will lend without the seasoning requirements, but you'll mitigate their risk (and their inability to sell the loans to Fannie or Freddie) by paying a higher rate and fees.
That's just the way it is. If you'd like more information, feel free to PM me.
Stephanie