Posted by Ben Carmona on April 17, 2007 at 16:27:16:
Hi Josh,
Thanks for your inquirey. It serves 2 purposes.
Investors who may only be working in one area can be exposed to new markets.
It communicates that properties anywhere in the US can be financed.
Ben Carmona
Seasoning Issues are back! - Posted by Staphon
Posted by Staphon on April 12, 2007 at 07:14:10:
I am having a problem trying to refinance out of hard money loan. I have been told by 3 different Mortgage brokers that the seasoning on a Refi is going up to 12 months due to the subprime fallout. Anybody else having problems doing cashout refinancing?
Re: Seasoning Issues are back! - Posted by Trevor
Posted by Trevor on April 13, 2007 at 18:06:53:
They are back? They’ve been back for at least 3 months. There are lenders out there though that have either no or 6 month seasoning… of course it’s going to be a bit more spendy. If you have a broker tell them to search harder… if you’re going through a bank… go see a broker.
Re: Seasoning Issues are back! - Posted by Tim
Posted by Tim on April 12, 2007 at 11:47:46:
Not to plug any one company but I just did a cashout refi after owning the property for about 7 months through American Home Mortgage. Worked great for me.
Tim - VA
Re: Seasoning Issues are back! - Posted by Ben Carmona
Posted by Ben Carmona on April 12, 2007 at 10:08:38:
You dont need to have a mortgage broker that has lots of sources of money. Rather, you need a broker who understands the guidelines behind seasoning issues and has researched the hundreds of lenders out there for these programs.
The standard conventional mortgages with Fannie Mae guidelines do not have seasoning requirements. However, most investors wont fit into these loans because ltvs, income documentation, # of properties owned, or credit. This is why those same lenders have AltA loans with higher ltvs and reduced doc options. A very few of these lenders have no seasoning requirements.
Clients who are really credit challenged face being approved within the subprime market. We’ve all seen what’s happened in that sector. Previously the majority of subprime lenders had a 12 months seasoning policy. A hanful were at 6 and none were at less unless it was a no cash out refinance. I would imagine that some that were at 6 may have increased this as well.
You just need to find a mortgage consultant who can do loans nationwide and specializes in investment loans including cash out refinances with no seasoning.
Ben Carmona
when did seasoning cease to be an issue? - Posted by David Krulac
Posted by David Krulac on April 12, 2007 at 09:13:45:
it seems to me that seasoning continues to grow as an issue. cash out exasberates the issue.
try a mortgage broker who has lots of sources of money, as well as private sources who have less concerns and no regulaions.
Nationwide Consultant??? - Posted by Josh-MD
Posted by Josh-MD on April 17, 2007 at 16:12:00:
Ben,
I have read many of your posts, specifically on the financing board.
Many times you make reference to “find a mortgage consultant who
can do loans nationwide”. If an investor focuses on one specific area
(county, state), why is it important for him to work with a consultant
with nationwide reach? Is this just a different way of saying that the
consultant works with many lenders?