BRRRR - Unable to refianance due to lending conditions

[Adrian Peterson]

Greetings! I had purchased a distressed property here in CA 6 months ago via hard money. I rehabbed it and now have a lease agreement in place (contingent upon me wrapping up with 30 year traditional loan). The lender told me that I need to own it for at least 1 year to qualify for refinance. What am I missing here? How were you able to get around this condition or do you believe my lender is mis-informed?

Thanks!

AP

[Jason D.]

@Adrian Peterson you just need to find a different lender. Fannie mae requires 6 months, so anything beyond that is a bank condition. You can find portfolio or commercial lenders that'll do as little as 30 days.