My agent said it would never work! Boy was she surprised!

My agent said it would never work! Boy was she surprised!

My wife and I found a new 4 bed, 2 bath, with a 2 car garage on 1 acre in Pahrump NV. It's been on the market for over 90 days. I want this home for my family and I. It's woth aprox 160,000, They are asking 149,000. By they, I mean it is corpret owned. I wanted to put in an offer of 100,000. My agent said I was crazy and that my plan of offering 40% bellow fmv would never work and result in compleet rejection. But none the less she put in our offer. Two day's went by and she called and said I dont beleave it but we got a counter offer of 130,000. She said I never thought they would go that low. So we decided to put in an offer of 120,000 with the seller paying the buyers closing costs. Now we wait. If We get it at 120,000 we will have 30,000 to 40,000 instant equaty in the house. That's great rite? But hear's my problem I planed on using my home equity to fund future deals. But A heloc will only loan up to 75% of the homes value at my bank. That is 120,000 if I got the home at 100,000 that would have been great but I didn't. I will have plenty of equaty in the home. But my bank and the others I have found have a 1 year seasining term before refinance. Any help on this would be great. Maby the name and contact of a few banks. Thanks for reading this and have a great day.


A little confused..

Hey Domina 5
I'm a little unclear about your question. Are you currently in a home that you were going to use a HELOC to purchase this new home or do you have other means to purchase this home and are thinking about a future HELOC from it to fund further deals? I'd like to try to help you sort this out.


Blessings & Favor,
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I can do all things through Christ who strengthens me. Phil 4:13

Psalm 1:1-3

Thanks for asking

Hello Steinway024 I have the funds to buy this home and I plan to. I am asking about a refinance. Because I wont be elegible for a holoc. I haven't had any luck finding a bank that will do a refinance unless I have lived in it for a year. I have heard of a few banks out there that will do a refinance the day after I buy the home but I haven't found any. So my question is does anyone know of a bank that will do a next day refinance? Than you verry much for replying to my first letter?


Have you tried credit unions? We found a credit union here that would actually do a HEL on our rental house--they did one but will not do more than one--wish they would. Just keep talking to people--we found another bank out of town that is going to do a refinance on a rental house and amortize it over 20 years which is great because that is the best so far. Keep talking and asking people!
Good luck!



Another option of course is to go ahead and buy this home for your family as planned, as you can afford to and then ...

... go out there and find another great deal in just the same way that you found this one.

You will get the experience and confidence of all that is involved buying this property. I would think that the same realtor might work with you again. Yes, maybe she thought that you were crazy but now stands to make a nice commission out of the deal. I am sure she'd be happy to work with you.

Find a deal, sign a contract, advertise like crazy and assign it to another couple looking for a great deal for their family. You can use THAT profit to fund future deals.

When the market recovers, down the road, I am sure that you will have plenty of equity in your home that you can tap into then.

Good Luck with all of it! Smiling



I really like Angela's idea. Also I was given advice to keep calling all banks and credit unions; a minimum of 25. Just keep researching that's for sure. This will also be good for future deals to find banks that refinance quickly without seasoning restrictions.
God Bless to you,

Credit Unions Is Something That I can Vouch For


Just finished reading your letter and I agree with looking into your local credit unions. I used a local credit union to purchase my first vehicle and now im looking into purchasing a house with the CU. So that would be something to look into if you haven't already, other than that I wish you and your wife the best. See You At The Top!!!


Antoine Paden

No seasoning requirements

Dusty & Jamie;
try calling these
- Local Credit Unions
- Smaller Local Banks
- Flagstar - Mortgage Services (800) 968-7700
- Pierce Bank - Joy Johnson VP, Commercial Loan Officer 253.471.5907
- Prime Lending - (locate the branch near you).

Most banks that give you a mortgage turn around and sell the note to Freddie or Fanny in the secondary market. So they can get their money back and lend to someone else. They are like an intermediary. So if the banks want to sell the note to Freddie or Fanny, they have to comply with the seasoning requirements defined by them.

So to answer your question, you are more likely to find less stringent seasoning requirements with local banks and credit unions, or private lenders. Some of them will hold the note to maturity and as a result they don't care about Freddie and Fanny guidelines.

I hope this helps. Good luck!


I am so pleased with all of your information. Thanks to all of you for your good ideas and help. I wiil check into all of them. Our new house went into escro yesterday so we have been advertising on craigs list and on flyers to rent our curent home out. We will have a small positive cash flow of a 100 bucks but its better than a poke in the eye. I am amazed at the amount of people that have made appointments to come look at the inside of the house and have never showed up. But I think we will get it rented out intime. Thanks again!


Guys, I am glad to hear that things are working out on your favor and moving forward. Keep us posted.

Be Well,



Try small community banks credit unions and also there are some mortagage bokers that work with alot of banks/lenders that can help

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