Robert has the right answer.
U need seasoning only if u want to cashout based on a new appraised value higher than purchase price.
If u r financing based on the purchase price as the loan basis, u can finance just like a financing when u first purchase it.

It depends on the lender, and it also depends upon the type of refinance. Under the Freddie Mac guidelines, many lenders will do a rate-and-terms refinance with little or no seasoning. On the other hand, some lenders will require 90 days to 6 months seasoning, and FHA loans require 12 months (as stated earlier).

I too bought a REO with cash, and every lender and bank is requiring that I wait 6 months to get any cash out. This seems absurd? any ideas for getting cash out in chicago?

Generally you only need seasoning if you want to refinance the property based on a new appraised value higher than the purchase price. You should be ok getting cash out on a refi if it is based on the purchase price.

Yes, this is true. Fannie Mae is 6 months and FHA is 12 months. Try a local bank or credit union


Danny Castagna
Sr Mortgage Consultant
EMM Loans
800-793-9633 x 185 http://www.emmloans.com