Refinance in less than 12 months - Posted by Allison

Posted by Don Dion on August 16, 2003 at 10:03:32:

If your like most home owners you want the lowest rate you can find. These loans you see in the paper every day come from two sources: Fannie Mae or Freddie Mac. The problem is they have lending guidlines that state 12 months seasoning required before you can use appraised value rather then PP. You can show your bills and get purchase price plus cost of materials and labor on a refi during the 12 month seasoning but it sounds like you want the basis to be the current market value.

Refinance in less than 12 months - Posted by Allison

Posted by Allison on August 15, 2003 at 22:29:59:

I recently purchased my home in Georgia in May 2003. I completed the basement and increased the value of the property significantly. However, I can’t find a lender to refinance the property due to the fact that I haven’t had the property for more than 12 months. Does anyone know of a lender who would be able and willing to refinance my mortgage?

Re: Refinance in less than 12 months - Posted by Tom (GA)

Posted by Tom (GA) on August 17, 2003 at 07:34:24:

Try First Mortgage Solutions in Atlanta. 404-256-6113. www.investormortgages.com

They do no-season refi at 80% and 85%(PMI) for investor properties (NOO). So they should be more than willing to do OO at a higher LTV.

Tom

Re: Refinance in less than 12 months - Posted by James Strange

Posted by James Strange on August 16, 2003 at 11:37:14:

Don is right. If you want the best rate you will have to wait 12 months. If your willing to take a higher rate you can refi now but not to 100% of the value.