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Looking for a lender offering morgages under the FNMA Delayed Financing exception - ie cash out <6 m

Looking for a lender offering morgages under the FNMA Delayed Financing exception - ie cash out <6 m

Meet all teh rules
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September 10 2012 - Minneapolis
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Profile picture for Go Huskers
" Should be easy - but it is not -makes me shake my head"

I'm sorry you are having trouble with this. The truth is, most loan officers don't even know what the delayed financing exception is and they just say "no we can't" without having a clue. There is nothing special to this. If they underwrite to Fannie Mae guidelines this should be a no-brainer. You may have to find a Fannie Direct lender but that also should not be an issue. If you were in California, I could easily help you; in Minnesota, I would try contacting Sherri Sherpy. (Google her) I don't know if she can help you or not but she should at minimum be able to direct you to someone that can.
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September 11 2012
I am a broker in So. Cali and I am looking for a lender for a client of mine looking for the same on an investment property....

Fremont will finance you if you meet the rules and need cash out <6 mo...
If you believe you meet the rules call them.... fremontbank.com

My advice is you find a Broker that is approved with them and not go through the retail side.  Sometimes the loan officers on the retail side do not know the guidelines like on the broker side..(I am not saying that Fremont's retail loan officers don't, it has been my experience with large banks).  Plus, if you find a broker they may be able to do the legwork for you.

Hope this helps.

Good Luck!
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September 11 2012
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Should be easy - but it is not -makes me shake my head
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September 11 2012
Profile picture for Go Huskers
Have you had difficulty finding someone? This should be very easy to do. Start with a mortgage broker in your area. 
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September 10 2012
 
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