Seasoning for Refinancing to Owner Occupied

1 Reply

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.

@Jerel Davis

You can refinance without any seasoning period, on an primary or an investment, as long as the loan is a lien against the property. The 6 month seasoning is for cashing out on the property.

There are also conventional renovation products that may be the route you want to go if you own 4 or less financed properties, and intend on holding the property.