Jump to content




Welcome to CreditBoards!


Sign In 

Create Account
Welcome to CreditBoards! Like most online communities, you must register to post in our community, but don't worry - this is a simple process requiring minimal information for you to sign up. Be a part of CreditBoards by signing in or creating an account.
  • Start new topics and reply to others
  • Subscribe to topics to get email updates
  • Get your own profile page and make new friends
  • Send personal messages to other members.
 
Guest Message by DevFuse

Read These Items!

  • If you're getting an Authentication mismatch error: Clear your cache. Log out of CB. Delete your cookie. Close your browser. Open your browser and log back in.

Photo

Need help finding a "No Seasoning on Title" Second Mortgage


  • Please log in to reply
2 replies to this topic

#1 LisaH

LisaH
  • Members
  • 123 posts

Posted 23 April 2012 - 11:02 AM

Dh and I just bought a house 1 month ago. The house was appraised at the purchase price. We are certain it is worth more than what it was appraised for.

We have talked to our credit union and our banks and they are saying we have to wait 6 months or 1 year to apply for a HEL or HELOC. Credit Union says, even if we wait 6 months, they can only loan using the purchase price. We would have to wait 1 year for them to loan off a new appraisal.

And therein lies the problem.

Are there any banks who will do 6 months seasoning AND loan based on a new appraisal?

We want to finish our basement and do more improvements to the house.

Thanks!



#2 Brian B The Loan Professor

Brian B The Loan Professor
  • Forum Leads
  • 9,713 posts

Posted 23 April 2012 - 10:01 PM

Dh and I just bought a house 1 month ago. The house was appraised at the purchase price. We are certain it is worth more than what it was appraised for.

We have talked to our credit union and our banks and they are saying we have to wait 6 months or 1 year to apply for a HEL or HELOC. Credit Union says, even if we wait 6 months, they can only loan using the purchase price. We would have to wait 1 year for them to loan off a new appraisal.

And therein lies the problem.

Are there any banks who will do 6 months seasoning AND loan based on a new appraisal?

We want to finish our basement and do more improvements to the house.

Thanks!


At this time there are none that I am aware of - the reason is simple - if it is worth that much why did you get it for less? The true market value is what someone will pay for a place.

Good Luck with your search.

#3 LisaH

LisaH
  • Members
  • 123 posts

Posted 25 April 2012 - 04:13 PM


Dh and I just bought a house 1 month ago. The house was appraised at the purchase price. We are certain it is worth more than what it was appraised for.

We have talked to our credit union and our banks and they are saying we have to wait 6 months or 1 year to apply for a HEL or HELOC. Credit Union says, even if we wait 6 months, they can only loan using the purchase price. We would have to wait 1 year for them to loan off a new appraisal.

And therein lies the problem.

Are there any banks who will do 6 months seasoning AND loan based on a new appraisal?

We want to finish our basement and do more improvements to the house.

Thanks!


At this time there are none that I am aware of - the reason is simple - if it is worth that much why did you get it for less? The true market value is what someone will pay for a place.

Good Luck with your search.



The house was a foreclosure. The couple decided to get a divorce and let it go into foreclosure. We feel it is worth more based on the comparables in our subdvision. 2 houses within our subdivision, same square footage is selling for over $150,000 more than what we paid for our house.




0 user(s) are browsing this forum

0 members, 0 guests, 0 anonymous users



© Copyright 2003 - 2013 Creditboards.com. All rights reserved. No portion of this site may be reproduced without explicit permission from the owners. The content of creditboards.com is subject solely to the personal whim of its admins. We reserve the right, at our sole discretion, to remove any and all posts or comments, at any time, for any reason which takes our entirely capricious fancy, or for no particular reason whatsoever, without restriction. Comments or questions regarding the site may be addressed to admin@creditboards.com.