non seasoned second

We closed on our new home on 12/20/02-purchase price 244,000 we put 39,500 down. Only being in our home 1 month we would like to refi asap, but we are told we are not "seasoned". Someone suggested taking a 2nd out, is this possible without being seasoned? I have run into some companies that will lend the amount we put down, at a high interest. Will anyone out there lend on comps we have a remarkable market around us, 260k-330k are comps. Any suggestions? Thanks in advance.

There are many types of seconds and equity lines and their requirements vary. But just about ALL seconds are priced by credit scores. What were your scores for the purchase?

In general, you cannot get a FNMA-conforming loan until a year has passed from your purchase of the house. FNMA guidelines require that the lower of the purchase price or the appraisal be done.

Now, maybe you did pick up a house for $244,000 do a little repair and it's now worth $360k. If so, my recommendation would actually be to SELL and laugh all the way to the bank.

Although I must mention that you may also run into seasoning issues on the sale (see http://www.creonline.com/real-estate-financing/wwwboard6/messages/19955.html).

See also http://www.creonline.com/real-estate-financing/wwwboard6/messages/19598.html

our middle credit score was 575. Also, thank you soo much for your reply, this website is awesome, I just happened to stumble upon it; but I will definately spread the word!