Flipper / Landlord · Tyler, TX · Member since 2016 · 255 posts · 126 votes
I have a home i bought and nearly finished rehab. Started doing my paperwork to do a cash out refinance and back says i have to treat this as a HOME EQUITY loan. It still is a 80%ltv but max is 20year. They said i needed to have additional Homesteads for it to be a Cash Out refinance.
What do you all think? I'm shopping around to see where they can do a 90%LTV but have had no luck. Not even at the credit unions. Any Advice ?
Thanks for the info on this post. I am in the same situation. I just finished a rehab and am trying to refi with no loan on the SFH 3/1. First Credit Union said they don't lend for anything other than for rehab costs. I told them that it was already done. I tried Lending Tree who said that the loan is not big enough for them. I will be checking with a local bank in the morning that an investor told me they use.
Give US Bank a try, they will at least let you do 80% of the purchase amount. However, they won't cover the rehab cost, that is based on what the loan officer told me when I spoke to them. If you really can't find a bank, try a mortgage broker. Most people dislike that idea because they want to save the extra fee you have to pay to the broker, but somethings it's the difference between paying a bit more to get a loan and just not get a loan or one with worse terms.
@Jeremy Hanson@Daniel Y. Yes a mortgage broker is good. They told me they could get me approve on exactly what i wanted. 30 year fixed rate cash out. BUT... They were stricter on the home and details needed. They also wanted me to put my fiance as part of the deal to count her income. I wanted to do everything on my own before i get married. Whatever me and her do after can be community.
I am going with my bank i mentioned at first. They approved me for conventional all on my own without needed to add anyone to back up my income. It will be an ARM 5/1. 6.6% interest. 20 year. It will be an Inhouse loan to my understanding which means they wont sell it.