Posted by Patrick S. Lawson on September 21, 2005 at 08:45:41:
I can. I’m with Home Loan USA, Corp. You will have to document value added. No deals where you throw up some paint and want 30K in added value. Otherwise, no problem, I’ve got all day lenders for unseasoned products.
Unseasoned re-finance or finance - Posted by Charles
Posted by Charles on September 20, 2005 at 18:56:33:
does anyone know any brokers that can handle unseasoned refinances or finance on 1-4 unit deals. through out the country. they must be able to work with people with A, B, C, and D credits if possible.
Thanks,
Charles
Re: Unseasoned re-finance or finance - Posted by fritz
Posted by fritz on October 07, 2005 at 07:34:51:
My subprime lenders can do it after just 7 days.
Alt A lenders may ask at least three to four weeks
Re: Unseasoned re-finance or finance - Posted by jimup
Posted by jimup on September 23, 2005 at 13:52:41:
If your borrowers can qualify for a conventional loan (FNMA or FHMLC) there is no seasoning requirement.
Sub prime lenders are a different story - seasoning requirements vary by lender. As a previous poster stated, if you can document the increase in value it is normally not an issue.
In most cases, the best loan for a B+ or better sub prime borrower is an FHA loan. FHA will allow the down payment (generally 3%) to come from a gift from a non-profit agency. There are several non-profits available that are indirectly funded by the seller. I use www.thebuyersfund.com. In addition the seller can pay up to 6% in closing costs for the buyer.
The only draw back is FHA has a 90-day title-seasoning requirement. In most cases it will take 90 days to rehab, sell and close the property.
Best of luck…
Jim
Re: Unseasoned re-finance or finance - Posted by Devon Daughety
Posted by Devon Daughety on September 21, 2005 at 19:08:28:
For owner or non owner occupied???