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Updated over 4 years ago,
Avoiding 6 Months on a BRRRR Refinance?
Hi everyone! I purchased my first BRRRR investment property in June (via MLS) with hard-money financing. We rehabbed the property, placed tenants, and are in the process of refinancing into a 30-year mortgage. So far it's going well, however...
I spoke with five different lenders this summer, and all of them said there is a 6-month minimum for when they can factor in a new appraisal on a refinance. Prior to six months, they would have to use the original purchase price, which obviously doesn't help me.
Has anyone successfully found a way around this 6-month requirement?
Note: I'm in the Phoenix, AZ area.