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Updated about 6 years ago on . Most recent reply

User Stats

56
Posts
16
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Jerel Davis
  • Rental Property Investor
  • Brookshire, TX
16
Votes |
56
Posts

Seasoning for Refinancing to Owner Occupied

Jerel Davis
  • Rental Property Investor
  • Brookshire, TX
Posted

Background: I'm financing my first deal (first home in general) and rehabing with a HML. The hard money will finance 75% of ARV with a 6 month term. The idea is to either make it a rental property and cashout/heloc to buy an owner occupied second property or refinance into an owner occupied conventional loan and buy a second property as a rental. In other words, I'll live in the first property or the second. I WILL NOT LIVE IN IT UNTIL ITS BEEN REFINANCED.

Is there a seasoning period to refinance out of hard money to a conventional owner occupied loan? If that's the case, do I need to renegotiate a longer term? I understand it's usually 6-12mo for NOO refinancing.

I'm trying to understand my "exit" strategy options in case my wife gets tired of me.

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