Posted by Stacy (AZ) on November 30, 1998 at 17:08:36:
I think you are speaking of the loan seasoning needed by most lenders. I think the best thing to do is for you to start calling and finding out. I’m sure in today’s easy market, there will be some lenders who will loan without seasoning, possibly at a slightly higher interest rate. However, I’d start with the larger institutions, such as Banks, S&Ls, and larger mortgage companies since they typically will give better rates. Then I’d call mortgage brokers. Comparison shop.
There is also the concept of instant seasoning…where you pre-pay the first six months of your first mortgage. Mention this when you call lenders and maybe there’s somthing that can be worked-out.