Which lenders / banks have no seasoning issues???

Financing, Hard Money Lenders, Private Money
1

Can someone suggest which lenders and/or banks have no seasoning issues ??

Thanks.

2

TAL - I believe most of the seasoning rules you hear about come from Freddie Mac and Fanny Mae. Most banks that give you a mortgage turn around and sell the note to Freddie or Fanny in the secondary market. So they can get their money back and lend to someone else. They are like an intermediary. So if the banks want to sell the note to Freddie or Fanny, they have to comply with the seasoning requirements defined by them.

So to answer your question, you are more likely to find less stringent seasoning requirements with local banks and credit unions, or private lenders. Some of them will hold the note to maturity and as a result they don’t care about Freddie and Fanny guidelines.

I hope this helps. Good luck!

3

thank you!!

4

there is a way around the seasoning issue without having to resort to a private or hard money lender with the high rates, fees and low terms. I know of 2 different and legal ways around it if you can tell me a little more about your situation. I am not an attorney, just a mortgage broker, owner, and RE investor, so my advice can not be considered legal advice, but I can tell you about your other options available, it depends on how long you plan to hold property.
Chris

5

Chris, I am a broker/owner/investor as well… you have me curious, are you referring to using a land trust??

6
  • Local Credit Unions
  • Smaller Local Banks
  • Flagstar
  • Pierce National Bank
  • Prime Lending

I will add more to the list unless others would like to share???

7

Hi Chris, I am looking to purchase a property in Corona that was purchased in late July. My realtor and broker had told me that I have to wait for 90 days even though I am financing for conventional loan with 20% down. You mentioned that there are two legal ways to get around it. Can you post them up?

Thanks.