mortgage loans prior to settlement on investment properties

[Joseph Meenan]

I am a new investor, I flipped 2 properties with my own money over the last year and a half. My 3rd purchase was my first buy and hold in October 2013, which I just rented out 4/1/14. The property is free and clear of any mortgages and loans. My problem is that I cannot access the equity in that home to move forward and buy other properties until it has been owned for a year (seasoning period). I talked to a rep from Quickenloans.com and they have a 6 month seasoning period. Does anyone have any feedback on this company or can you recommend a company that has less than 6 month seasoning period or no seasoning period at all. I live and invest in Philadelphia Pa. in zip codes 19134, 19125, 19137.

My second issue is getting a mortgage prior to settlement when I put in an all cash offer. If I don't get a mortgage prior to settlement, I must wait the seasoning time to access my cash. If property does not have a working kitchen and bathroom they will not mortgage it.

Thanks,

Joe

[Doug McLeod]

@Andrew S.  is specifically referring to the Delayed Financing Exception for cash out refinancing for FannieMae loans. It is a fantastic tool. Call mortgage brokers and banks to find one that will do them. Some banks do not offer all the loan products that FannieMae allows. 

I sent this web link to the contact person at various lenders to ask if they do cash out refi under that exception. 

https://www.fanniemae.com/content/guide/selling/b2/1.2/03.html