Investor · Sinton, TX · Member since 2016 · 6 posts · 1 vote
I’m trying my first brrr and I’m ready to refinance. The bank is asking for the hud and a list of improvements with costs. Is that normal? Thanks for the help in advance.
Investor · Tampa, FL · Member since 2011 · 2k+ posts · 3k+ votes
7y
Generally speaking this is done by an appraiser, and they sometimes ask for those documents. It's an annoying, but sometimes necessary step to get financing.
Lender · Salem, NH · Member since 2014 · 46 posts · 23 votes
7y
If you are over 6 months from your initial purchase, this is likely a non significant clerical requirement to justify the increase in value in a short period of time.
If you are within 6 months of purchase, your loan amount may be limited to your final HUD amount depending on your lender/program.
Investor · Sinton, TX · Member since 2016 · 6 posts · 1 vote
7y
@Sean LeBlanc. Thank you for your reply. I’m within the 6 month timeframe. This bank doesn’t require a seasoning period. I guess I will provide the requested info and see what happens. Thanks!
Investor · Sinton, TX · Member since 2016 · 6 posts · 1 vote
7y
@Jaysen this is within the 6 month period. This bank doesn’t require a seasoning. I’m going to supply the docs requested and see what happens. Thanks for the response!
I’m trying my first brrr and I’m ready to refinance. The bank is asking for the hud and a list of improvements with costs. Is that normal? Thanks for the help in advance.
They're asking for the HUD from the original purchase to see if it was a cash purchase or financed. If financed, you won't qualify for delayed financing exception. Hopefully that bank also has a portfolio product for you in case you didn't by cash or with a HELOC.