no seasoning cash out refi - Posted by Isaiah Kelley III

Posted by Dutch on April 10, 2006 at 07:38:49:

Try Bank of America or Wells Fargo and see if you can get a HELOC. I’ve done a few.

Dutch
OKHomesavers

no seasoning cash out refi - Posted by Isaiah Kelley III

Posted by Isaiah Kelley III on April 09, 2006 at 23:35:08:

I recently (Feb. 23rd ‘06’) bought a 3 unit complex in CO (for $227k, the current market & appraised value $300k)and have been trying to find a lender that will do a no seasoning up to 90% LTV cash out refinance. The situation is a somewhat unique, but I know that I’m not the 1st person to attempt to do this. I had someone who said that this would be no problem because they work with “thousands” of lenders who do things like this. Well the broker turned out to be a "joker? a month & a half later I’m still trying to get this done. Taking her word for it, also being a close friend, I trusted and was continuously reassured that she would get it done. Needless to say, I began fixing up the place & depleted my reserves & face an even bigger dilemma. Have you ever dealt with a lender or heard of one that would do a 3 unit, NOC, no seasoning & no reserves cash out refi at 85%-90%? My mid score is 645, I have about $10K in my 401k & $10k in my primary residence.

I’ve been focusing on a cash out refi, but is there another mortgage instrument that I might use to take as much of the $70k out now? Any advice would be greatly appreciated.

I’ve been focusing on a cash out refi, but is there another mortgage instrument that I might use to take as much of the $70k out now? Any advice would be greatly appriciated.