CountryWide Offers Refi 80% LTV Appraised Value NO Seasonings

I just talked to a mortgage rep in Illinois about their refi program and he told me he can do 80% LTV appraised value with no seasonings. I got in touch with him through yahoo 1 800 number.
I called my local Countrywide banks and they have nothing like this. I’m kind of confused. The mortgage officer in Illinois sounded legit and he sent me all his infos via email.

I have 790 FICO Full Doc.

I bought the house with cash and will close in a couple of weeks. I plan to rent it out and refi.

Has anyone dealt with Countrywide lately or know about their refi policy? Is it typical that different locations of the same bank have different refi policies?



as of Tomorrow up knows what CW will do or offer. There are no seasoning cashout with many different lenders. Try Wachovia as well.

I think that 80% LTV no seasoning scenario applies to home equity loans. Their rates aren’t so good.

At the end of the day, these lenders want to sell the loan. Given the mortgage-backed securities market has dried up, FNMA/FDMAC seem to be the only ones left willing to buy loans… and they don’t buy no-seasoning cashout refi loans.

I think this option is dead for a while. (Just checkecd Wachovia … same story).

would be curious if you all are seeing something different than I am…

This is absolutely wrong. Fannie still does cash out with no seasoning and Freddit uptil 8/1. Wachovia does no seasoning cash out refinances and even as Stated Income Verified Assets.

Just to be sure I called in twice and spoke to 2 more Mortgage Reps from Dallas and Philly. One told me she can do 65% LTV appraised value with no seasoning and the one in Philly repeatedly told that he doesn’t have any “no seasoning” refinance programs available. When i brought up the other 2 Mortgage reps, he told me that those two gave me wrong information. He said he’s a senior/manager in his department. He said often times Mortgage reps don’t keep up to changes in policies and they also give you false information just to get you to fill out applications.

I’m really don’t know what to believe right now.

I guess i’m gonna call Wachovia and go down my list and call all the local banks in my area.


You can call Wachovia but I’d also suggest calling those who’ve said they can get this done for you.