Are there any wholesale lenders out there who don’t care about seller seasoning on title anymore? Everyone seems to be stuck on 6 months these days. I have a contract on a property for 400K a buyer with a 750 fico & no lender wants to touch it because the seller has been in the house for less than 6 months. They bought the property as an REO using a hard money loan at 70% LTV now they’ve found a buyer at almost full retail. I’m an L.O. & the property is in Texas btw.
Have you tried looking in the Scotsman guide?
It is becoming increasingly difficult to find anyone without some type of seasoning.
Good Luck!
Almost all of the lenders now are requiring it. You would think they’d be able to do it on a deal by deal basis but most are just flat out no right now. I’m going over the Scottsman site now…
Why not check with local lenders? I just did two wholesale deals to O/O and the local lenders could care less. Brokers are the ones having the hard time. Haven’t had a problem yet with seasoning and the local banks.
If the owner has been on title for more then 90 days and this is a OO transaction, you could try an FHA loan.
Regards,
Scott Miller
There was a lender not asking for seasoning that we put people through. I am not a broker, and this is not my area at all, but it was based in Florida. I’ll PM the name to you if you’d like. I don’t think I can post it here. (I am a title examiner, and this lender never asked for a chain of title. I am not sure if they determined seasoning other ways, but that’s usually it)
Things MAY have changed in the past couple weeks due to all the sub-prime happenings, however from what I know, that wasn’t one of the things that changed, just the LTV% they allowed.
EDIT: PM sent to thread starter
The traditional lender/broker I use here is able to do refinancing with no to little title seasoning. I know he is licensed in more states than just Illinois.
We have a few who can do that, but they specialize in niche, unique loans. Costs are higher, but it can be done.
Just wanted to give you guys an update on this file,as so you all could have another lender to use if you run into tiltle seasoning issues. I actually closed it about a month and a half ago with Aurora lending.
Seller had to be on title for exactly 90 days, and thus the file was completed and clear to close a month before it actually funded. Borrowers nor sellers were too happy to have to wait almost an extra month to close but i told them knowing the file WILL close is better than being impatient and not getting the deal done.
100% stated btw…
Sellers made a nice profit in 3 months
Borrowers live in a beautiful home
Broker (me) made a nice commission and now have added to my referral base.