Trying to finance a home after the seasoning period

Trying to finance a home after the seasoning period

I bought a great home with 4 bedrooms and 2 baths with 2 car garage. I new the house was worth $110,00 ARV. A private lender helped me get the house since the house was is such poor condition, nobody would loan any money on it.

I have fixed it up and it like new. I went to the mortgage company and tried to refinance so I could pull my money out. The mortage companies now want you to have cash reserves to cover all your mortgages for 6 months before they will loan you any money. I don't have the funds to cover 6 months since I own several properties.

I have tried for 4 months to sell it amd have had several people interested but they have not been able to get a loan so it looks like I will have to rent it.

Has anyone else had this problem with the mortgage companies?.

__________________


Syndicate content