Refi 2nd seasoned 8 mos. in FL

Posted on September 29, 2010 by admin

I’ve got a borrower wanting to consolidate his first and second mortgages in Florida.  The 2nd has only 8 months seasoning.  This is owner occupied.  Middle score is 624.  New loan amount will be around 250,000.  Looking for A paper rates to do this deal.  Any ideas who I might contact?

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One Response to Refi 2nd seasoned 8 mos. in FL

  1. admin says:
    November 11, 2010 at 7:22 am

    If what he wants to do is consolidate both 1st & 2nd, it doesn’t matter how much seasoning the 2nd has … what u need 2 find out is if it has any pre-payment penalty and if the borrower they r willing 2 pay … also, with that mid score hopin that it’s good credit all around .. they can easily go conventional (regular fannie mae) … but 1st thing to find out is if they have a prepayment penalty … regular fannie mae .. most every lender works with.