We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
September 28, 2022, 06:26:21 pm
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
September 28, 2022, 06:26:21 pm
Home Help Search Calendar Login Register

Author Topic: Refinaning hard money Loan?  (Read 2943 times)

Offline west2500

  • Member
  • *
  • Posts: 1
Refinaning hard money Loan?
« on: September 10, 2008, 08:12:43 pm »
I am using a hard money lender for a home purchase and repairs,  is there any lenders that
will do cash out refinance on the home using the appraised value,  without seasoning requirements.

Offline christopher w

  • Member
  • *****
  • Posts: 2237
Re: Refinaning hard money Loan?
« Reply #1 on: September 11, 2008, 09:46:45 am »
There are a still lenders available that will do the no-seasoning cash-out. However as of December 1st the seasoning will be a minimum of six months, and the property limit will be four. So you better hurry.
Christopher W
C-214.923.5781

Offline j1dias

  • Member
  • ****
  • Posts: 672
Re: Refinaning hard money Loan?
« Reply #2 on: September 11, 2008, 03:28:21 pm »
There are a still lenders available that will do the no-seasoning cash-out. However as of December 1st the seasoning will be a minimum of six months, and the property limit will be four. So you better hurry.

christopher w - what is happening on December 1st that will cause the change? I talked with a lender yesterday and she said that they do cash out refinance up to 80% of appraised value - 90 days seasoning, no property limit. Just curious to understand what is happening on December 1st that may change that...

Thank you.

Offline christopher w

  • Member
  • *****
  • Posts: 2237
Christopher W
C-214.923.5781

Offline j1dias

  • Member
  • ****
  • Posts: 672
Re: Refinaning hard money Loan?
« Reply #4 on: September 12, 2008, 06:51:40 pm »
Thank you.

Offline Dave T

  • Member
  • *****
  • Posts: 3044
Re: Refinaning hard money Loan?
« Reply #5 on: September 13, 2008, 01:31:56 pm »
My understanding is that the four financed property limit is a Fannie Mae conforming guideline.  Freddie Mac still has a 10 financed property limit and probably will still have a 10 property limit on December 1.

Offline christopher w

  • Member
  • *****
  • Posts: 2237
Re: Refinaning hard money Loan?
« Reply #6 on: September 13, 2008, 02:23:44 pm »
Dave,

Freddie Mac went to four properties last year.
Christopher W
C-214.923.5781

 




SMF 2.0.15 | SMF © 2017, Simple Machines