The standard conventional mortgages with Fannie Mae guidelines do not have seasoning requirements. However, most investors wont fit into these loans because ltvs, income documentation, # of properties owned, or credit. Fannie Mae cash out can be done up to about 75% for 1 units. You can have up to 10 properties total but each lender will typicall only allow you to have around 4 with them.
This is why those same lenders have AltA loans with higher ltvs and reduced doc options. A very few of these lenders have no seasoning requirements, even up to 90%. Most the time you can have about 4 with each lender. Some allow more but the ltvs are less than 90% as Chris mentioned.
Clients who are really credit challenged face being approved within the subprime market. We’ve all seen what’s happened in that sector. Previously the majority of subprime lenders had a 12 months seasoning policy. A hanful were at 6 and none were at less unless it was a no cash out refinance. I would imagine that some that were at 6 may have increased this as well.
Wells fargo does rehab loans?
I’m buying property for 320k, need 30k repairs, value is 500k. Any good lenders out there in California to fund purchase and include repairs, low fees, 0 out of pocket etc…