Rookie mistake? Can't refi from a revokable trust?

[Kevin Hofstee]

I successfully picked up an investment property, trying to do a BRRRR (I'll most likely still be leaving money in the property). Rehab is done, and it's rented out, and it's also cash flowing nicely - better than the numbers I underwrote! Was just speaking with a mortgage broker about the refinance piece, as it'll be 6 months of seasoning in Nov. However, during COVID my spouse and I set up revokable trusts, and this property was quit-claimed to my trust. Our broker said the property needed to be in my name in order to do a refi, and that I would need to quitclaim it back into my personal name, and then the 6 month clock would restart.

Has anyone done a cash-out refinance (or just a refinance) from a property held in a revokable trust?  Anyone have recommendations on lenders that might do a no seasoning period that work in Michigan?

[Elise Marquette]

@Erica Larence-Penna Thanks! :)

@Kevin Hofstee - You can close a conventional mortgage in a trust, so you should be able to do the cash out refi. As far as circumventing seasoning goes (for residential lending), if you don't own the property 100% with no lien, then Fannie Mae requires you to be on it for 6 months seasoning.