HELOC & Seasoning Requirements
After talking to 3 different big banks who said "No due to seasoning requirements," I finally got my credit union to refinance with no cash out on the home my parents deeded over to me 3 weeks ago. The refinance closed today and we simply just paid off my parents existing loan and closing cost. I also asked the credit union about getting a HELOC and they said I had to wait 12 months due to seasoning issues. The house appraised at $360K and I owe $210K. Id like to tap into this equity to help fund my search for my first fixer upper single or multi family unit. Do I wait the 12 months or should I just call every bank I can find? Regardless, I'm probably going to try at least the 3 local banks in town before finding other funding options.
On a side note, why do banks have to "season?" If they know I have a great credit score, great income, and equity in the home, why "season?"