Real Estate Investor · Oklahoma City, OK · Member since 2008 · 22 posts · 0 votes
I just talked to a mortgage rep in Illinois about their refi program and he told me he can do 80% LTV appraised value with no seasonings. I got in touch with him through yahoo 1 800 number.
I called my local Countrywide banks and they have nothing like this. I'm kind of confused. The mortgage officer in Illinois sounded legit and he sent me all his infos via email.
I have 790 FICO Full Doc.
I bought the house with cash and will close in a couple of weeks. I plan to rent it out and refi.
Has anyone dealt with Countrywide lately or know about their refi policy? It it typicall that different locations of the same bank have different refi policies?
Countrywide offers different programs to brokers than the ones you find in a Countrywide office. You can frequently get the same program from a broker at a lower cost than what the branch offers. That is because they have a retail and a wholesale division. It is quite possible that the broker you spoke to has a program that is not available through a Countrywide branch office.
Just to be sure I called in twice and spoke to 2 more Mortgage Reps from Dallas and Philly. One told me she can do 65% LTV appraised value with no seasoning and the one in Philly repeatedly told that he doesn't have any "no seasoning" refinance programs available. When i brought up the other 2 Mortgage reps, he told me that those two gave me wrong information. He said he's a senior/manager in his department. He said often times Mortgage reps don't keep up to changes in policies and they also give you false information just to get you to fill out applications.
I'm really don't know what to believe right now.
I guess i'm gonna go down my list and call all the local banks :(
Nathan, please let us know what you find. I was just trading board messages with another member regarding how difficult it's been to find a residential/non commercial cash recapture loan, at normal interest rates, without waiting 6-12 months. He said these can be found if you know where to look...