Six month seasoning period

[Marky Suazo]

Hello all,

I’m an out-of-state investor looking to make an all cash purchase on a single family home in Memphis TN. I currently own one financed single family investment property in Memphis. The returns here are attractive which is why I’m looking to make my second purchase. I am looking to buy a property in need of renovations, rent out the property and then refinance into a 30 year fixed rate mortgage. What is really important to me is the ability to pull out my initial capital, which would include the purchase price of the property and the cost of renovations. Ideally, I would like to avoid having to wait the traditional 6 month seasoning period. I have come to learn of a product some lenders offer , which is delayed financing. However , some lenders are telling me, banks won’t include cost of rehab in the refinance and I can only get the purchase price of the home before the 6 month period. Does anyone know or any lenders offering something sooner? — looking for recommendations.

[Stefan D.]

@Marky Suazo Hey Marky, a lot of the nationwide lenders that used to do 90 day seasoning pulled their loans or raised their rates with all the recent financial uncertainty.  I was in the middle of a refi with Finance of America when they decided to stop doing that kind of loan, now I'm going to wait until July for a conventional mortgage.  You might want to talk to investors in Memphis to see if they know of any local banks that can help you out.