6 Month Seasoning Period When Trying to Refi

[Evans Murray]

Hi BP!

I bought and rehabbed a property back in July 2019 and I financed the whole deal with my HELOCS. The property rented out after a couple of days on the market and I'm trying to do a cash out refinance so I can pay off my HELOCS and repeat the process over again. The lender I selected said that he could do the cash out refi and close in about 30 days. After paying for the appraisal and going through underwriting, my lender said that I will have to wait 6 months because of a Conventional rule called delayed financing. He also said that apparently this is a Freddie and Fannie guideline. I wish he would have told me before I paid for the appraisal. Anyways, I'm I met another lender that's saying he can do the refi without a seasoning period. I don't want to pay for another appraisal and have the same thing happen again. Does anyone know about a Conventional Rule called delayed financing? Also, since I practically did a cash purchase for the property, why would I have to go through a seasoning period? I appreciate all input in this matter. Thanks!