hey gang. i was on vacation for 3 weeks and upon my return, my one partner said that many lenders are requiring seasoning. i’m working on gathering a list of lenders who do not require seasoning so that i can recommend them to end buyers on my short sale deals.
i’m located in nj, if anyone has any recommendations, i would love to hear them.
thanks in advance!
Local banks and credit unions is where the money is at. I wholesale houses to investors and owner occupants where I buy and sell on the same day and have about 7 banks and/or credit unions that have zero seasoning requirements.
Nate-WI
yeah, I agree with gordo2417, try local banks. They don’t fall under the same corporate structure as the big boys and you’re more likely to find some flexibility with seasoning with the local guys. That’s been my experience at least…
thanks guys. i’ve already begun reaching out to local lenders…i just wanted to check here for some lenders that you guys might already be using.
Thought I would add to this post that the FHA has suspended the 90 day seasoning requirement for 1 year.
http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf