Anyone know any Detroit area banks or CUs that do...

[Sunshine V.]

Does anyone know any Detroit area banks or credit unions that offer 3-month seasoning for cash-out financing for up to 80% of appraised value? I am aware of the Fannie Mae delayed finance program that allows immediate financing of cash purchased properties at 80% of appraised value but only up to the amount you purchased for (or HUD). So essentially, I am hoping to get some deals where I pay less than 80% of appraised but I want to pull out the full 80% to maybe grab an extra few thousand dollars- but I need a quick turn-around. I've seen a lot of 12-month seasoning, and I have heard there are some banks and CUs that do 3-month, but I haven't found specific ones yet.

Thanks!

[Travis Biziorek]

I literally just closed on one today with Joe Randall at LevelOne. I can tell exactly what they'd be able to do:

75% of LTV up to your purchase price plus closing costs with no seasoning period.

If you're putting a lot of money into a rehab, that's not going to be attractive for you, and you're better of waiting their six month seasoning period. What I'm describing is what they call "delayed financing", and there's no seasoning period with that.