I have owned a property here in Missouri for 4 months, a single family home that has been renovated, would like to cash-out until the property sales at 80% LTV, need about $60k, please advice
Hi, I believe you need to find out with your lender what their concept of seasoning is. My understanding, someone correct if I am wrong is normally lenders dont like refinance right away, sometime a year may suffice. DHLC or some of the other 'pro’s out there should be able to give a beter opinion.
steve
Wrong. Can go off the new appraised valued with document of the home improvements. If not there are banks out there with only 3 month seasoning . There is plenty of no seasoning out there but they go off the purchase price.
Hi Fred.
I’m in St. Louis, MO and there are plenty of lenders here that can do cash out immediately after you purchase or fix up a property.
Of course you still have to be able to qualify for the programs.
There are a multitude of Sub Prime lenders that require no seasoning. Bear in mind that these programs carry higher interest rates.
Review your current loan scenario. You may have a prepayment penalty and that will cut into your cash-out.