NO SEASONING LOAN

HI I AM LOOKING FOR A LENDER WHO WILL DO A NO SEASONING REFINANCING ON A NEW CONSTRUCTION BORROWER HAS A CREDIT SCORE OF 668 AND LOOKING FOR A 90% LTV STATED.

TELL ME SOMETHING

Umm, if it is new construction most lenders will take this loan. Countrywide will for sure. I am doing a construction-perm option arm with them right now.

There are better lenders out there, that offer a much better rate then Countrywide can ever get. Its a niche product and need to find the the bank that caters to that. Email me for help.

Andy

Construction-perm is not a niche product. Any A paper or Alt-A lender will do it.

i agree, but if you want a niche lender…try

www.vadiumgroup.com

they specialize in cp loans

Shaun,

Thanks for the tip. That is awesome.

Have you try Indy Mac Bank.

Vadiumgroup will only do 1 loan per borrower.

You’ll find that they are very hesitant on doing loans for clients that intend to flip.

This scenario that you are working with is a normal refinance. It does not need to be done any differently or as a construction to perm. You dont need a niche lender, just a conforming lender who offers an ALT-A product. With that credit score and stated you’ll need the more flexible guidelines. If you want cash out then the lender will need a no seasnoning program

what are some lenders that offer flexible guidelines and offer financing for rehab-sell projects?

and by this:
“If you want cash out then the lender will need a no seasnoning program”

you mean refinance? or sell?

also is this a NOO or OO loan needed??

The question is how long are you into the house. Ran out of cash? What percentage is complete? How much do you need? You might qualify for HUD 203 streamline loan.
If your post have been viewed 181 times, then there is a wrench in the works. People are not asking the right question or you are not asking the right question.
When doing the construction, are you the owner builder?
Loan Amount needed ? Amount Owed? LTV. Owner occuppied or non owner occuppied? What percentage is completed? Why have you been turned down? Who have
you try to obtain financing from? Good advice is only given when asking and probing for the problem and then a solution can be given.

now for the HUD 203k rehab loan -

the repairs need to exceed 5k in order to qualify, correct?

now, if it’s NOO - and repairs will exceed 5k, this work needs a permit, depending on the local code. at least, where we intend to invest, that’s what we were told by county “residential technical”.

and the rehab costs can go as high as 30k without being licensed.

now for the 203k, obviously, you’d need to have all this in place (permits, etc.) prior to applying for rehab loan?

what if, you find a unit, with 8k in projected improvements. put 5k on business credit and pay cash for the remaining 3k - forego the permits and all the rest.

I am not that verse on FHA programs. Go to HUD site.
FHA provides rehabilitation mortgage loans for owner-occupants of real estate to finance the rehabilitation of an existing property; finance rehabilitation and refinancing of the outstanding indebtedness (mortgages) of a property; and finance the initial purchase and rehabilitation
of a property.
The FHA 203(k) can be used with 1-4 family dwellings, condominiums and HUD Homes. There is a minimum requirement of $5,000 in repairs. Unfortunately, Co-ops are not eligible.

FHA 203(k) can be used to bring illegal dwellings into code compliance. Mixed use residential / commercial properties may also be eligible. A burnt out shell, incomplete shell or empty foundation is eligible for 203(k) financing provided it is over 1 year old.

FHA will lend up to 98.15% of the future value of the dwelling after all completed repairs but you cannot exceed the maximum FHA loan limit for the area in which the property is located in.

I believe these programs are for only owner occ.

the realtor we’re working with, recommended countrywide for financing on HUD properties. he said they’ve got some interesting and flexible options.

thoughts?

THANKS TO ALL WHOM HELP ME WITH MY PROBLEM