Seasoning of Property - Posted by johnz (ct)

import · July 3, 2003, 9:14am

Posted by Melissa V on July 06, 2005 at 19:40:54:

If a owner has owned/lived in the home for 6 months 1/05-6/05 but the 1st payment is due on 3/05 is that considered 6 months seasoning

import · July 3, 2003, 9:14am

Posted by johnz (ct) on July 03, 2003 at 09:14:25:

I bought a 3 family in January. I have been performing the needed repairs/ enhancements. My desire is to vinyl side and get an apparaisal done and refi with cash out.

I spoke to my broker today and he said that the property needs to season for one year before the upgrades can be considered. In other words, if I bought a property for 100k and put 20k into it- then for one year it is only worth 120k. After the magic 12 months then the appraisal amount will be considered.

I owe 117k ( current note is 9.3%) on it. It will appraise at 200k. Wanted to refi with a conventional loan with about 50k out.

Any thoughts/ideas?..tx, john.

import · July 3, 2003, 6:29pm

Re: Seasoning of Property - Posted by James Strange

Posted by James Strange on July 03, 2003 at 18:29:21:

With a decent FICO you can cash out up to 80% and still have a decent rate. It is possible to cash out up to 80% with a much lower FICO but the rates are higher.

But you will need to show what you have done to improve the property.

James Strange
reiloans@liborhomeloans.com

import · July 6, 2003, 9:08pm

Re: Seasoning of Property - Posted by Bob Beckman

Posted by Bob Beckman on July 06, 2003 at 21:08:16:

James,
I have customers all over the country that are looking for no/or limited seasoning for refi’s. What states do your programs cover, and can you call me to discuss this further.
Thanks!
Bob Beckman
Rehab Funding
(610)667-9939

import · July 3, 2003, 7:45pm

Re: Seasoning of Property - Posted by Johnz

Posted by Johnz on July 03, 2003 at 19:45:34:

James…no problem, I have every receipt and pictures to prove. In a nutshell, all vinyl windows, vinyl siding, both furnaces, etc etc…tx, john

import · July 9, 2003, 12:29pm

Re: Seasoning of Property - Posted by t bagby

Posted by t bagby on July 09, 2003 at 12:29:35:

How can I get around the season issue with lenders when Im selling a property to my end buyer at closing 5 min after I bought it doing a simotanious closing.

import · July 9, 2003, 2:59pm

Re: Seasoning of Property - Posted by Bob Beckman

Posted by Bob Beckman on July 09, 2003 at 14:59:20:

The type of refi that I am looking to satisfy would typically season between 1-6 months. You need a title company that can do a simultaneous closing.
Good luck!
Bob Beckman
Rehab Funding

import · July 15, 2003, 10:18pm

Re: Seasoning of Property - Posted by tyrone bagby

Posted by tyrone bagby on July 15, 2003 at 22:18:11:

Bob, I under what you are saying on the title company. What I need to know is how to get around the seasioning issue with the lender who is going to fund the money for my end buyer who is going to buy the property from me.