Financing in Boston>Question Details

Ryan Will,  in Boston, MA

Six Month Seasoning Requirement

Asked by Ryan Will, Boston, MA Tue Nov 24, 2009

I just purchased a owner occupied property and paid cash since my financing fell through (bank didn't think I was going to move in). Now I am looking to do a cash out refinance, but more banks seem to have a six month seasoning requirement. Does anyone know of any banks or credit unions that might be interested in portfolioing the loan and holding it in house? Let me know!

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Help the community by answering this question:


Most lenders are pretty conservative these days when it comes to cash out. A lot of them are only doing loans that conform to Fannie Mae, Freddie Mac, or FHA guidelines.

Like Bruce said, check around, but my gut tells me that even if there is a lender willing to hold the paper themselves it will probably be much costlier that a conforming mortgage.

Good luck
0 votes Thank Flag Link Tue Nov 24, 2009
Yes, because of the changes about 8 months ago with Fannie, Freddie and FHA you will have to wait out the 6 months before being able to do a cash out loan.

Hope this helps :)
0 votes Thank Flag Link Wed Nov 25, 2009
You will have a difficult time finding a lender that will not have the six month seasoning requirement. Your best option may be a local bank where you already have contacts and know the people. I will ask around and see if any lender will do it and get back to you with any positive outcome.

Bruce Bills
RealESpace, LLC
Web Reference:
0 votes Thank Flag Link Tue Nov 24, 2009
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