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


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2 replies to this topic

#1 LisaH

LisaH
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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
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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

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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.




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