Posted by Sean (NC) on February 04, 2004 at 19:13:26:
I am in the exact same situation as your friend and I am having the same problem–no one wants to talk to me because I have only owned it for 2 months. I noticed that there were no posts answering your question, hope someone answers soon, would like to get my down payment capital back to buy another one!
Need a No Seasoning Investor - Posted by James (FL)
Posted by James (FL) on January 26, 2004 at 23:17:04:
I am looking for a mortgage company that will do a cash-out conventional loan with no seasoning requirements. I have a friend that purchased a home from HUD for $70K, put approximately $10K in repairs, and the home currently appraises for $112K. He has owned it for 3 months, and is looking for a 90% cash-out refi. He has great credit, and income, but I am having trouble locating a conventional lender that will do the loan without seasoning due to the jump in value to $112,000 from the $70,000 purchase price.
Any info will be greatly appreciated. I visit the site often to read posts, and gain insight, so I am hoping someone will be able to help here. The property is located in Florida.