Does title seasoning apply to cash out refinancing as well as buying/selling? If so, what is the typical timeframe a lender would like to wait before doing a refi?
Typical Rate and term: 6 Months
Typical Cash out; 12 Months
There are lenders that will do NO Seasoning cashout refi’s.
Time frames for Title Seasoning
Rate/Term - 0 MONTHS
Cash Out - 0 MONTHS
Can use your appraised value as long as it makes sense.
If this is not the answer your are getting from you loan officer then I suggest speaking to several other professionals who know these guidelines.
There are about 4 National Lenders that do No Seasoning Cash out refinances. The appraisals need to be rock solid. Generally they want comps that are on the same street or atleast within .10 Miles. There are always exceptions. Like Investment Loans said, “it needs to make sense.”
Patrick is right there are Lender’ that will do NO Seasoning Cash out refis.
However, the thing that everyone has failed to mention is that it depends upon the parameters of the loan. Those with lower LTV’s, Lower DTI, Higher Credit Score, etc. can do just about anything they want to do.
I have to disagree with Mark, sorry, but those factors are generaly not issues.
The one scenario that may be hard would be a low credit score with either a high ltv or high dti. That would fall under nonconforming guidelines and typicaly require longer seasoning periods.
States with equity restrictions could play some factor as well.
Other than that, not a problem.
I can do a cash out refi…Non-owner occ…525 FICO…7 days title seasoning.
…@ 50% LTV. ;D