Need a Charleston Lender to Refi on ARV w/o 180 Day Seasoning!

[Melissa Searing]

Hi BP! I need your help. I have a house under contract and my DD period ends Friday. My private lender is paying cash for the property and renovations... and I would like to refi into a 30-year fixed mortgage and make it my PRIMARY RESIDENCE. I spoke with a few lenders today, and they are saying that, in order to get financing based on the ARV (and not the sale price), I have to wait 180 days. Ugh! How do people do the BRRRR strategy? Do they always wait the 180 days? Or do they just have to find a bank who will do it without the seasoning period? Do you have a recommendation for a mortgage banker in South Carolina or Charleston you recommend?

Your help is so greatly appreciated. Thanks!

[Naveen Kumar]

The FannieMae guidelines currently require you to hold the property for 6-months before you can do a cash-out refi into a conventional mortgage based on the ARV.

Now, if you want to pay more, you can look at portfolio lenders that lend in SC, and you will be able to refi sooner.