Need bank w/o "seasoning" requirement on investment home loans?

Does anyone know of a bank or lending institution that loan based on appraised value of property - NOT purchase price? Every one I've talked to (at least 2 dozen) says that you have to own the property 1 year (called "seasoning") before they will calculate their Loan-To-Value based on the appraised value of the house.

Example: I bought a house for $50K and invested $20K in fixing it up over a 3 month period, using my own cash. It now appraises at $100K, but the biggest loan I can get on it is 90% of my purchase price - $50K, for a loan of $45K. Its a $100K house so I should be able to get a loan for $80K somewhere.

Please help if you know of any mortgage broker or bank who does this. THANKS!

A bank will require 12 months seasoning, however a mortgage broker usually has hundreds of lenders who are aggressive an can get it done. I recommend doing that as you'll get a competitive loan program too. I hope this helps you but if you need any further help or additional questions email me tadgeman@yahoo.com.

Ask my mortgage broker. She's usually very good at this kind of thing, and can perhaps help you. E-mail her at seniorauthor@yahoo.com and explain it all to her. She will look at it in the morning.

Try this site

http://www.brokeruniverse.com/grapevine/

Some will have 6 months seasoning requirement only. Send me an e-mail and we can discuss from there.
commercialguru@gmail.com

I work for a nation wide direct wholesale lender. I can get exceptions. I can promise you would get the best rate best program, based upon your situation. If you would like more information you can contact me at (818)-921-8807. My name is Jason Wyatt. I look forward to helping you.

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