Posted by David Krulac on December 14, 2003 at 15:28:19:
issues like loan fraud and predatory lending which have gotten a lot of press concernings dealigns with HUD.
PA Banks with NO SEASONING? - Posted by Mike
Posted by Mike on December 14, 2003 at 08:09:31:
Im almost finished with my rehab project and want to quickly sell it. Does anyone know of any banks/lenders who do not require seasoning? I can direct my potential buyers to them? Thanks!
GMAC. how big is the loan?nt - Posted by Izzy (NY)
Posted by Izzy (NY) on December 14, 2003 at 10:47:27:
nt
Re: PA Banks with NO SEASONING? - Posted by David Krulac
Posted by David Krulac on December 14, 2003 at 10:29:49:
most Pa. lend in their own service area, even though licensed for the entire state. In addition your best bet will be:
- a local bank with the option of portfolio lending.
- a local credit union
- the banks and credit unions where you and your buyer have an established business relationship. If you don’t have such a bank you should be on the phone first thing Mon. establishing a relationship.
Call all the banks, S&Ls and credit unions in your area to find out what their specific lending criteria is, and line up a potential lender now before you even have a buyer. If that fails go to the second tier of mortgage brokers and mortgage bankers in your area. If that fails seek out hard money lenders.
David Krulac
Central Pennsylvania
Re: PA Banks with NO SEASONING? - Posted by Dan (NY)
Posted by Dan (NY) on December 14, 2003 at 12:14:37:
I have sold a number of rehabs in upstate NY and have never had a single bank raise “seasoning” as an issue. Occasionally I have had to list what was rehabbed in the house so the appraiser could justify the new selling price. A couple of times I held title for less than a month, no problem. Have I just been lucky? Why should a bank care about seasoning as long as the title is clear?
Re: PA Banks with NO SEASONING? - Posted by Wes
Posted by Wes on December 15, 2003 at 09:09:58:
The seasoning issue is mainly an issue that effects your buyer and how the buyer is planning to finance the property. If your buyer is trying to get an FHA loan, or if the lender buyer is using uses FHA guidelines as their own underwriting guidelines, seasoning will be an issue.
However, other lenders that do not use the more restrictive guidelines or other methods of financing may present no problem.
So, you have may have been somewhat lucky. If you keep rehabbing, you will most likley have to deal with the issue eventually.