Just over a year ago I purchased a triplex and fixed up and moved into the lower unit. After a year, I moved back in with my wife at her house. She owned it before we had met. I have an FHA mortgage, and would like to know if/how I can use this property as leverage against another. Is it possible? I understand a HELOC is out of the question, because its not my primary. Are there any other ways to leverage an investment property? I haven't gotten a new appraisal as of yet, and won't if its not worth it. Thanks.
This is an old post, not sure if you done anything with it yet, but I'll chime in
I m currently working with a lender to refi my rental home to get cash out refi. That's the only option you have aside from just sell it.
These are things needed to do a cash out refi on rental property.
1. Equity ( have enough equity to cash out)
max for rental (75%) ltv ratio
~ so It needs to appraise by lender
2. Good credit 680 minimum or above, 740 above for prime rate.
3. Income to cover the new mortgage amount (if you have rental income, it counts but only 70% of the market rate to use for your DTI)
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