Philadelphia, PA · Member since 2017 · 824 posts · 1k+ votes
6y
For a standard cash out refi (6 months seasoning plus 1 month to close, 70% LTV) I plan on using Greentree Mortgage (Dom Postorivo) -- he has helped me in the past with saving my duplex deal and we talk shop often. I can pass along his contact information if needed.
Jay Hendricks on BP has touted Visio Lending as well; I just called them (for my own benefit) for my BRRRR just to compare numbers. For qualified investors it sounds like (and you should verify) they could do a 30 day seasoning, point buydown, 70% LTV. Good option if you need to cash out quicker.
Definitely hearing if folks have good options combining a higher LTV, lower rate, and fairer seasoning requirements...
There are programs that only require 90 days of seasoning from the time you purchase your rehab house (that has more flexible guidelines, such as 80% LTV on up to 4 units). Then there is the conventional guidelines that require 6 months, but offer a better interest rate and terms.
Rental Property Investor · Readington, NJ · Member since 2017 · 36 posts · 13 votes
6y
Thanks Guys. To clarify, I owner occupy the triplex, and looking to continue doing so.
I currently have a FHA 203k loan, renovations completed, at 5% now, owe ~380k, worth ~$480k. I've owned the property ~1.5 years so I'm clear of the seasoning requirement
Rental Property Investor · Lyndhurst, NJ · Member since 2017 · 47 posts · 13 votes
6y
@Joe DeLuca@Joe P.I've actually used Visio on 4 of my properties for cash out refi's. Good thing about them is if you have strong credit they'll go up to 75% LTV. They are also a non-recourse lender and your new mortgage with them doesn't appear on your credit report. Keep in mind, if you go up to 75% LTV it gets a little pricey in regards to their rate. But if it still makes sense within your numbers than why not? Hope this helps!