Lender · Portland, OR · Member since 2019 · 28 posts · 19 votes
The title says it. I believe I got myself into a bit of a situation where I stated that my refi was for my primary residence and now feeling some what stuck. I cash out refi-ed into a conventional and was looking to fha 3.5% down on a 4 plex but apparently theres a maturity of 12 months of which I am on month 4. (dumb on my part, I know). Does this mean I am virtually stuck in this residence until my time is up? Is there any way around this? Any input is much appriciated. Thanks, Luke
Flipper/Rehabber · Farmville, VA · Member since 2018 · 280 posts · 171 votes
6y
@Luke Dilorenzo the seasoning period on a property is lender dependent. Try and contact a smaller community bank and see if their requirement is different. I can almost promise you that any large national banks are going to be 6-12 month minimum.