Typical Refinancing Guidelines

[Jeff Roberts]

Hello,

After rehabbing a two-family in Cincinnati, I am now beginning to pursue a cash-out refinance. My initial discussion with Quicken has led me to believe that some of the governmental guidelines around these mortgages may have changed in the last year. My goal is a 30 yr mortgage at 70% LTV on a property value of about $130K. Obviously some of the issues revolve around max LTV and the minimum loan amount. The mortgage officer also indicated that a 70% LTV loan may be far more expensive than 60%. Can anyone comment on the typical constraints they are seeing for these loans?

Thanks

Jeff