cash out refi - 60 day season

are there any lenders that will do cash out on a property that I bought 2 months ago and rehabed ? this is NOO, value is at 269,000 and I owe 142,000

There are programs available for this type of transaction, but much more information is needed. Credit, doc type, etc…

There are lenders that offer no seasoning cash out refinances.

This can be done up to 90%

Can even be done as no ratio or no doc at reduced ltvs.

There are even a couple hard money lenders that will do up to around 65-75% so credit, doc type, and just about everything else becomes obsolete.

In today’s changing loan requirements, I would use a broker. Using brokers like Investments Loans will cost you a little more, but will give you the best chance of getting an 80 or 90% refy on a NOO with no seasoning.

I’ve done two refys for 100% of the appraised value on a NOO, with no rehabbing done and no seasoning. Unfortunitely 100% refys with no seasoning on a NOO is probably impossible today. Sometimes I will give lender’s contacts that I have used in the past. Then the investor will tell me that the lender stopped doing those loans two months ago or whatever. So use a broker.

For reasons I’m going to explain, I’m in complete agreement with your “use a broker” position, but take exception to broker’s being the higher cost alternative.

Brokers as a whole originate almost 70% of all loans funded in this country for one core reason—the wholesale business model works (and if it where at the detriment of the borrower, the numbers wouldn’t be what they are).

We as brokers are more vital then ever today—in a changing market, we are not exclusive to any one source of money and have access to various forms of funding that your typical brick and mortar bank might not offer.


Scott Miller

The last property I bought was $33,000. One bank quoted me $700 in closing costs, the other bank quoted me $800. If I used EZLOANZ what would be the closing costs. I’m guessing around $3,000. So I’m sticking to my statement.

However most loans will be rejected if it were not for the broker’s talents. So I am a big fan of brokers, but using them will cost you a little more.


You’ve been around the block and I don’t doubt that you believe what you are saying, but any broker can make closing costs go away (by rolling them into either the loan amount or the interest rate—the industry calls them no-cost loans, but we both know that it costs something)—nobody but you knows if this was how your last lender handled it or not (I have a hard time believing that any for profit business is willing to work for 700-800 over PAR). Here’s the tricky part, you might not know (and it isn’t your fault)…Unlike brokers, banks don’t have to disclose YSP and that is only part of the shell game played in lending.

You might have a valid argument when you are speaking in smaller loan sizes, but then again, this is still speculation…

As they say, proof is in the pudding—you might not be tasting mine, but I have no idea what flavor your lender dished out either…


Scott Miller

Good points EZLoanz.


Were the loans you did for virtually no costs done by small local banks or more commercial in nature. They can usually provide much lower costs but at the expense of having higher rates usually on balloon notes. So the constant refinances of the products can add up.

As a broker it is almost impossibe to “make closing cost go away” on smaller loans. Even if the rate is raised enough for the lender to pay a premium to the broker, this may only be ~$500 or so. So after a slight reduction in upfront costs there will still be additional charges.

property located in Ohio, looking to get max cash out 660 score stated income, any lenders ?

Didn’t I say the same thing?

No…you were talking about banks and ysp, (which would be srp for correspondent lending).

I was speaking about local (as you all them brick/mortar) banks that do commercial loans. I’m guessing there’s really no calculation of SRP (ysp) built into these rates. I dont think bankers get paid commission for making loans. I was also addressing the fact that brokers cant make your costs go away on smaller loans. The ysp earned by a broker is so minute that it would only reduce the cost by a small fraction.


Hopefully there will be some options available for you. Sent a PM