Mississippi Credit Union Loans

[Chris Burns]

Hello Mississippi real estate community,

I live in California but but have purchased a few SFR rental properties in the northern part of Mississippi. The first property I purchased was a traditional sale and I put a loan on it through Wells Fargo. The second house I purchased was at auction. It needs some rehab and I will start renovation work soon. I was going to put a loan on the second property through Wells Fargo but was told the loan amount would need to be based on the price I paid at auction. If I wanted to obtain a loan based on the property's ARV value I would have to wait 6 months. Wells Fargo sells their loans to Fannie Mae and the 6-month seasoning period is a Fannie and Freddie Mac requirement. Does anyone know of a Mississippi credit union or local bank that does not have a seasoning requirement? I have heard that credit unions don't need to adhere to Fannie or Freddie guidelines since they lend their own money. Thanks in advance.

Chris