what do you guys do when you have to refi a house and the lender gives you problems with the seosoning? please explain step by step ???. thanks and God bless
(1) Ask them again
(2) Get a new lender that doesn’t have seasoning requirements
Keith
Pretty much… that’s the trick.
Either get an exception, or fina another lender. For residential purposes, some lenders sell there paper to slightly different people on the 2nd mortgage market. They might have looser requirements.
Another point here, is if you have REALLY good paper. One of the lenders might just keep the paper in house and not sell it. Sometimes a lender may reconsider if you are a (example) 750 borrower, 70 LTV cash-out person.
Begin networking and find yourself some investor friendly lenders. Check with some members of any local REIC’s in your area. Shouldn’t be too difficult to find a lender who wants your business.
what about when you find a sub2 and you have a buyer that wants to get a loan to get the house you’re selling?
Let your buyer get new financing from a lender of his choosing. He cashes you out, and you pocket the difference.
yeah but isn’t their lender gonna want to see that you have owned this property for at least a year or so?
Maybe, maybe not. Alot of it depends on the buyer’s credit, not how long that you’ve held the property.
The main thing here, though, is the fact that if you are going to be doing RE investing, remember that it is a BUSINESS and you need to treat it like one. Leave nothing to chance.
If you are sub2 investing, then have everything ready for your end buyer, including a lender that doesn’t have seasoning issues.
Raj
Thank you all for all the oustanding replies.God bless
What state are U in? See my profile for help.
I’m in TN. Thanks
Well if U need my services we are licensed to close loans in TN for investor & comsumers up to 107% financing with credit scores starting @ 500.
So if U need me please be in contact.