The problem: most lenders make you wait
Most lenders size a cash-out off the purchase price for six months, sometimes twelve. For a BRRRR investor — buy, rehab, rent, refinance, repeat — that wait is the bottleneck, because the capital stays locked in a finished deal.
Title seasoning vs. value seasoning
- Title seasoning: how long you must own the property before any cash-out refinance is allowed. Some lenders won't quote inside the window.
- Value seasoning: how long before the lender uses the current appraised value instead of the purchase price. This decides whether a BRRRR refinance captures the value you added.
This program has neither on loans of $100,000 or more. Under $100,000 it carries six months of title seasoning.
In plain numbers
- Minimum loan amount for no-seasoning
- $100,000
- Title seasoning required, $100K+
- None
- Title seasoning required, under $100K
- 6 months
- Valuation used ($100K+ loans)
- Current appraised value, not purchase price
- Max LTV, cash-out
- 75%
- Max LTV, rate-and-term
- 80%
- After 12 months on title
- Long-term rental cash-outs unlock 80% LTV
- Hard credit pull to see options
- Not required
- Property types
- 1–4 unit investment properties
- Where offered
- 47 states — everywhere except SD, ND & VT
A worked example
You buy at $250,000, spend $30,000 on the rehab, and the property appraises at $310,000 thirty days after closing. The loan is sized off the $310,000, at up to 75% loan-to-value. A smaller rental with a loan under $100,000 would fall under the six-month rule instead.
How seasoning compares across programs
- DSCR cash-out refinance, $100K+
- None — appraised value counts immediately
- DSCR cash-out refinance, under $100K
- 6 months
- DSCR rate-and-term refinance
- None; up to 80% LTV
- HELOC
- None — even borrowers just added to title qualify (Texas has a 12-day minimum)
- Land-contract refinance
- 6 months
"No seasoning" is not true of every product; check the row for yours.
Who this is for
- BRRRR investors
- Portfolio builders past conventional limits
- Anyone who bought under market value
It qualifies on the property's rental income: no tax returns and no personal income or employment verification. Vest in a personal name or an LLC, with no cap on the number of financed properties.
Good to know.
Is the loan based on appraised value or purchase price?+
The current appraised value on loans of $100,000 or more. The caps are 75% cash-out and 80% rate-and-term; a year on title unlocks 80% on long-term rental cash-outs.
How soon after buying can I refinance?+
Immediately at $100,000 or more. BRRRR investors commonly refinance 30 to 60 days after closing, once the rehab is done and a new appraisal is in.
Is there a catch?+
Two limits: leverage (75% cash-out, 80% rate-and-term) and loan size. No-seasoning applies only at $100,000 and up; under that it's six months regardless of LTV.
What's the minimum loan for no-seasoning?+
$100,000. Smaller loans still qualify for financing, from $75,000, but with six months of title seasoning on a cash-out.
Which properties and states?+
1–4 unit investment properties in a personal name or LLC, in 47 states (not South Dakota, North Dakota, or Vermont). Loan amounts run $75,000 to $3,000,000.
Do I need a hard credit pull?+
Not to see options or pricing. A hard inquiry comes only at application, with your permission.