“Seasoning” requirement in Wisconsin

[NA Burkart]

Hey BP’ers! Does anyone know the “Seasoning” requirements in Wisconsin? Looking at, possibly paying cash for a house, and then getting a mortgage on the property. I figured I would ask on here since the banks are closed. I will be calling several tomorrow. I will also take any suggestions on banks or credit unions as well in the Milwaukee area. I have been using Waterstone Mortgage. They work, just looking to expand my horizons. Thanks in advance!

[Scott Demots]

Hi @David Burkart

I bought a duplex in West Allis on 1/15/14 for cash ($118,000) and will be closing a loan this Wednesday. The appraisal came back at $185,000, I'll be getting back what I paid for it.

I spoke to a another lender a closed a deal with in March and was told they could only give me 70% of what I paid for the property for the first 12 months. After that they could work off the appraised price.

I was surprise when the lender I'm currently working with said I could get all the money I paid for the property since I've only owned it for 5 months. I think the fact that it appraised so well was a contributing factor.