Real Estate Agent · Ashburn, VA · Member since 2016 · 30 posts · 4 votes
Hi Everyone,
I have an investment property that I own currently. The house is appraised to approximately about 340,000 and I have a loan of about $220,000 left. I have been encountering difficulties with cashout/Helocs on investment properties with credit unions/ banks.
I am able to find lenders who are willing to do 75%, but I am looking for 80%. Primarily this money will be used for downpayment for new property. I have excellent credit and able to provide W2 and all the required documentation too. Any suggestions for banks/unions in virginia who are able to help?
Thank you everyone. Looking for any suggestions on how to pull 80%.
Investor · Washington, DC · Member since 2017 · 428 posts · 205 votes
7y
@Paras Gupta Hi Paras! Is the property a single family house or multi family? With conventional financing (which conforms to Fannie/Freddie guidelines), most lenders are limited to 75% LTV for cash out refinances on 1 unit investment properties. If you want to get 80% LTV cash out, youll likely have to work with a portfolio lender. Ill message you about the programs my company offers.