Credit Unions/Banks that do cash-out in 6months?

Question

Does anyone know of any banks or credit union that does cash-out refi with 6 month's seasoning (conventional loan)? Not looking for DSCR or broker, the property is appraised at only 100k, and the associated fees with brokers make the deal almost impossible to work with.

Shuvrajit Mukherjee · Answer

I didn't have bad experience with the broker, in fact he tried his best to assist me. But I think in such low end deals the fixed fees are kind of deal killers, hence was thinking of alternatives.

Ginna Stauble · Answer

Conventional loans require you to wait a year for cash out. I am a broker who only charges my repeat investor clients 1.5% regardless of the loan amount. I also have cash out with zero seasoning available for your future buy and hold needs. I sent you a connection request. I am sorry you've had bad experiences with brokers, but there are some good ones who would like to help you grow your portfolio and value repeat business.

Matt Cartwright · Answer

PM'd you

Jay Hurst · Answer

You say conventional loan in your post. Conventional loans have the same requirements no matter if the loan is originated by a broker, bank or credit union. So, IF you have current financing you have to wait 12 months to use an improved value for cash out. Fannie Mae cash out seasoning rules

IF you paid cash, so you have no financing at all you can use delayed financing but that will limit you to the LESSOR of what you paid for the property or 75% loan to value.

Again that is all for a conventional loan. other programs as our non-seasoning product or other DSCR products might have different rules but the above will be true for any conventional loan.

Shuvrajit Mukherjee · Answer

What fannie mae rule am I not eligible for? Isn’t the seasoning requirement 6 months? Also I paid cash, what are my options to avoid high fees and rates?

Chris Mason · Answer

The good rates and low fees come with fannie mae rules, so if you didn't pay cash and can't use delayed financing, the answer will be no. Or, if a bank does offer it, it'll have the same high fees you are looking to avoid.

Credit Unions/Banks that do cash-out in 6months?

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