Posted by Jim Upchurch on March 14, 2001 at 08:17:39:
I am a broker in NC and have several investors that send me loans. Refi’s for them if they are keeping the property and purchase loans for their buyers if they are selling.
If your buyer has good credit and will qualify for a “conforming” loan - you will not have a 12 month seasoning issue.
The problem is when your buyer has “sub-prime” credit. Too many sub-prime lenders have been burned on “flips”. I consider yours a “legitimate” flip. I have one lender that will loan the money to your buyers if you can prove you purchased the property from a foreclosure sale (If HUD/VA repo - a copy of your settlement statement will work) and the sales price plus rehab costs are “within reason” compared to the sales price.
While I don’t lend in OH - I am sure there are several brokers in your area that have a lender that will do this.