Question About Potential REI Problem
For the past few years we've had a really hot market. I was talking to a Realtor today, who mentioned that there are now lenders who are starting to require that a home be owned for a year before they will refi. ?? :(
Has anyone heard about this, is it true, and if so, how will this effect wholesaling/flipping, buying and selling houses retail, ect.??
I have not hear of this with the exception of FHA, just read an article today about it. though if true for conventional banks, i suppose it may catch on, but I think it will take some time. All the more reason to use private money from one or more private sources.
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I believe that is a FHA rule also but you may be referring to what some lenders are doing now is not using a new appraisal but going off the purchase price within the first year for a rate & term refi.
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