No seasoning Cash out refi/heloc primary res

I’m looking for a lender that will do a no seasoning neg AM jumbo loan refi or heloc for a primary residence In Idaho. I have a 719 score.

Citi Home Equity offers a no seasoning HELOC or HEL on primary residences & second homes, second homes are limited to 90% CLTV. They don’t do N/O/O.

Fannie Mae does not have any seasoning requirements either, however lenders usually “portfilio-ize” their products by adding additional layers of guidelines - such as requiring 6 or 12 months seasoning in order to use new appraised value. Not coincidentally, CitiMortgage plays by Fannie Mae’s rules and doesn’t add any additional guidelines as far as seasoning is concerned.

This question arises on this board all the time. I thought that it could not be done, as I have been under this assumption since I got into the mortgage business. However, people keep asking, so I decided to send out an email yesterday to about 40 lenders I work with.

I was suprised to find out that there were a couple who will do this. The appraised value has to be supported by comparibles and has to make sense. Also, the borrower’s credit profile has to be strong. Also, cash out refinances most of the time have lower loan-to-value limitations than purchases or “rate and term” refinances.

Hope that helps…