Posted by jesse on December 22, 2002 at 23:01:36:
try charter 1, the wholesale division that brokers have access to they have had a 4-6 months seasoning program for a while. Also most companies will do 60-70% ltv of purchase if under 1 year. Make Sure you tell them how long you’ve owned it first, that seeems to be your problem if they canned your deal after geeting title and appraisal both of which list dates of transfer and how long you have owned the property.
good luck
jesse
Non seasoned cash out refi - Posted by Matt (So IL)
Posted by Matt (So IL) on December 19, 2002 at 19:48:26:
I just had the lender drop the ball with this one on 4th and goal at the 1 yard line. I was pre approved two months ago for this and the lender just backed out after having the appraisal and title work done. Here are the particulars. Mid to high 700 credit score. Non owner occupied. Need to go low doc, due to too much depreciation write off last year. Bank statements are not a problem though. 65% LTV. Looking to borrow $30,000 secured by a 1st mortgage. Property value is $45,000. Only 6 months seasoning. Located in Southern Illinois. Any Ideas?
Thanks, Matt