Portfolio lender basing off appraisal value with no seasoning?

5 Replies

I know this is a tall ask. 6 mo seasoning would work as well. I have someone at a year, but some of my properties were purchased more recently than that. This is specifically for properties in Milwaukee. Thanks!

Sounds like you're asking for a referral for a lender to refi with based on appraised value? 

I haven't refi'd any of mine yet, but the local CUs I've met with have told me that I could pay for an appraisal and go off that amount. 

If I remember correctly I think they wanted 6 months, but I've certainly heard many investors say they've done it with no seasoning. 

Originally posted by @Taylor Chiu :

I know this is a tall ask. 6 mo seasoning would work as well. I have someone at a year, but some of my properties were purchased more recently than that. This is specifically for properties in Milwaukee. Thanks!

 6 months is the Fannie Mae guideline.  If you're finding lenders that are going beyond that length of time, keep looking.  That specific lender has overlays to Fannie guidelines.

If you're looking for less than 6 months, you'll have to go with a portfolio lender or mortgage broker that has access to a variety of lenders.

Best of luck

Stephanie

@Stephanie P. Thanks for the info! Portfolio lender / mortgage broker it is, then

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