Looking for info on mortgage rules, using hard money, and refi

7 Replies

Hi BP, 

I'm in the learning stage and am getting close to making a move. I've talked to conventional mortgage brokers and the hard money guys. They only have do much time and I ask as many questions as a 4 year old. I get the prosess of hard money but I need some details. I'm not 100%  sure how to refi out of hard money and the quals I need to do it. Where do I look?

Hey! @Jarrod Rayner I though you had moved. Hope everything worked out with the house in Stafford.

A refi is a refi. Nothing special about doing a refi away from hard money. If its an investment then you will get 75% LTV. If its a primary home, then you can get higher LTV. All other mortgage qualification criteria apply.

Upen Patel

Federal NMLS# 1374243

Yep, I got a tenant in there. No I'm Looking for a primary here in beaufort, SC and trying to put together a portfolio. I'm nervous about a refinance and not meeting the terms and being stuck with the hard money loan. I know they won't loan to me anyway if that was the case, the hard money that is. I'm still not sure of all the criteria that the bank would need to refinance  plus I really would like to get to know how financing works in the mortgage industry in general, at least a lot better than I do now.

Originally posted by @Jarrod Rayner :

Yep, I got a tenant in there. No I'm Looking for a primary here in beaufort, SC and trying to put together a portfolio. I'm nervous about a refinance and not meeting the terms and being stuck with the hard money loan. I know they won't loan to me anyway if that was the case, the hard money that is. I'm still not sure of all the criteria that the bank would need to refinance  plus I really would like to get to know how financing works in the mortgage industry in general, at least a lot better than I do now.

WHy do you think the hard money won't lend you. You can refi up to 75%. Maybe you can do that for a year and fix whatever the issue is that's preventing you from doing conventional funding.

Hi Jarred, 

If you are looking to refi into a long term term loan for your investment and are not sure if you will qualify, I'm here for you. My firm provides 30 term mortgages to investors for purchase, cash out, or rate and term refi up to 75% with rates starting at 6.9 to 9.95%. Our rental 360 program is a low doc program that requires you have a 630 credit score or higher, 6 months or reserves based only on the month payments for the property you will be financing with us. It's a private loan so we do not report to the credit bureau which will not interfere with DTI on other transactions. If you want additional information PM.

 To all investors looking for short, mid and long term financing PM! 

I'm not a broker, just lender.

Regards, 

Freddy