Seasoning Of 3 Family
I'm having a problem selling my 3 family. I bought in July 03 at 187K appraised at 200K. Am selling at 215K and appraisal came in at 220K. Countrywide is stating that they cannot fund new mortgage as the value has increased too dramatically in too short a time. Gimme a break. Anyone else having this type of problem?
This issue is called title seasoning. Most lender will not lend on less than 12 months seasoning if there has been more than a 20% increase in value. I can get a loan for your buyer however, see my profile for contact information.
Some, well lots of the big boys of mortgages will need seasoning. GOOD NEWS lots of mortgage brokers around. Let him know the issue, if he or she is worth anything, they will have 5 mortgage co.s that do not require seasoning. I am sure there are people on the forum who are mort guys who have co.s that will do loans with no seasoning.
Tell him to go online to one of those sites that are supposed to fight over your loans, probably some of them don't require seasoning either.
Thanks guys. I thought there were loan programs out there that would handle this.