Cash Out Refi seasoning period

[Hannah Joy]

Hi all, I purchased a property in October -  interest only for 12 months, renovation escrow. The renovations are almost complete, it is my primary residence, also will be renting rooms. I'd like to cash out refi as soon as possible and it sounds like if I do another renovation loan I can get around the 6 month seasoning requirement. I'm converting the garage anyway, so a reno loan would probably work fine. Any advice on this, or other ideas I might not know about? Thanks! 

[Nate Herndon]

Hi Hannah, the DSCR loans that I utilize for investor clients will allow for as little as 90-day seasoning to access 75% LTV of the full appraised value. Unfortunately, those loan programs do not accommodate owner-occupied properties - and that will be a common theme for all private lender DSCR programs.

My local banks here in Missouri offer 6-month seasoning on their 30-year fixed conventional programs, and no seasoning requirements for their 5-year balloon commercial programs.

If you have not done so already, I would recommend checking in with your local banks on which programs would be a good fit for your personal residence refinance.