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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: There's no universal seasoning required. Posted by Ward-CA- on December 17, 2001 at 7:00 AM In Reply to: Seasoning? posted by Ed on December 16, 2001 at 10:38 AM : If one were able to do an all cash purchase of a foreclosure property at say 70 to 75% below FMV and I was able to rent the property out for a slight positive cash flow, would it be feasible to quickly take out a traditional 70-75% non-owner occupied loan from an institutional lender to get your original purchase cash out of the property? Are there seasoning issues that would not allow you to do this? : Thanks in advance. =?=?=?=?=?=?=?=?=?=?= Ed, in CA, Home Savings, now part of Washington Mutual, had a reputation of making loans based on fair market value and couldn?t care a hoot how long you owned it. Perhaps they do so under their new banner as well. Give them a call and see. Also, I can tell you from personal experience that Wells Fargo will make their equity line loan on a non-owner occupied property at 70% of fair market value, regardless of how long you have owned it. In fact I have been able to have them make the loan directly to my trust that owns the property. So from those experiences I would have to conclude that if there are any seasoning issues they are an individual lender requirement rather than any governmentally imposed standard. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : If one were able to do an all cash purchase of a foreclosure property at say 70 to 75% below FMV and I was able to rent the property out for a slight positive cash flow, would it be feasible to quickly take out a traditional 70-75% non-owner occupied loan from an institutional lender to get your original purchase cash out of the property? Are there seasoning issues that would not allow you to do this? : : Thanks in advance. : =?=?=?=?=?=?=?=?=?=?= : Ed, in CA, Home Savings, now part of Washington Mutual, had a reputation of making loans based on fair market value and couldn?t care a hoot how long you owned it. Perhaps they do so under their new banner as well. Give them a call and see. : Also, I can tell you from personal experience that Wells Fargo will make their equity line loan on a non-owner occupied property at 70% of fair market value, regardless of how long you have owned it. In fact I have been able to have them make the loan directly to my trust that owns the property. : So from those experiences I would have to conclude that if there are any seasoning issues they are an individual lender requirement rather than any governmentally imposed standard. : : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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