Profile picture for user243453

Refinance after cash purchase - South Florida

Purchased a condo in South Beach (Miami) two weeks ago all-cash.  Looking to recover 75% of my equity now.  I understand Freddie Mac made carve outs last year allowing lenders to issue a refinance in this scenario without 6 months seasoning (https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2011/sel1105.pdf), however, I am yet to find a lender who has followed this guideline.

Both PNC and Everbank still have internal policy to not write a refi without the 6 mo seasoning.  Who will?
  • April 17 2012 - Miami Beach
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

Most lenders can do this.  
  • April 19 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hello,
I was just talking with a mortgage broker in his office  when I received the alert for the ddiscussion
If you can send me your info I can forward it  to him, He say he can do it
Thank You

Have an awesome day!
  • April 19 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user243453
Thomas -

Two buyers on title, myself and other, 50% ownership each. I live in the unit, but by definition could not afford the mortgage myself.  Other owner has been primary borrower in our exchanges with previous lenders.

Please feel free to contact me directly (781) 956-9975.
  • April 18 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes we uw with the Fannie Mae Guideline and lend in FL. The condo will need to be eligible for conventional financing. Is this a primary residence?
  • April 17 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.