Refi problem

[Dan Wynn]

Hey BP friends,

I bought a home for 25.5k, put 32k in renovations, all in 57.5k, and got it appraised at 100k.

I was going through a refi process with quicken loans, i worked with them for the past 3 weeks completing the process, i paid for the appraisal, an inspection, and did everything else they asked me to do. Yesterday, they called and said they can only give me 75% on the purchase price of the home and NOT on the ARV of the home (ARV=100,000). I have to wait until the seasoning period of 6 months passes before they can approve for the ARV. Thats 3 months from now.

I'm pretty upset that i waisted all that time when i could've been searching for someone else to do the refi. 

Any ideas? Anyone know any lenders that i could get 75% LTV with no seasoning period. I've been calling around today and am not having any luck.