Refi at 85% LTV

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Erik EstradaBusiness Member
Lender · Member since 2022 · 6k+ posts · 1k+ votes
3y
Quote from @Cameron Amateis:

Hi all, 

I am looking to refinance a SFR at 85% LTV. Does anyone know of any lenders that are licensed in Michigan that can make that happen?

Thanks,

Cameron Amateis


It is possible as a second mortgage. Up to 85% CLTV for full doc loans. Max Cash out is about $450,000

[email protected]818-269-7983
LuxePrivate Investments LLC 572 Reviews
WebsiteView Page
1Reply
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  • Randy Rodenhouse
    Investor · Charleston, SC · Member since 2011 · 606 posts · 413 votes
    3y

    Typically, the maximum loan-to-value ratio for a conventional cash out refinance is 80% and for VA it can go up to 90%. Fannie Mae had for awhile a high LTV refinance option. However, due to the low volume and the impact of the Revised QM Rule, they have paused the acquisition of high LTV refinance loans.

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    3y

    Try a private lender you know, that may do this.

    [email protected]248-209-6824
    Logical Property Management4.9458 Reviews
    WebsiteView Page
    1Reply
  • Dave Skow
    Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
    3y

    @Cameron Amateis- thanks - is the proeprty a rental or your home ?  are  you looking to  refinance an  existing loan  or  to pull out cash ....these  things  will impact options  

    0Reply
  • Cameron Amateis
    OP
    Rental Property Investor · Detroit, MI · Member since 2016 · 9 posts · 1 vote
    3y

    @Dave Skow

    Hey Dave, I would like it to be a rental, however I’m having trouble finding a rate that works with the market rent. I pretty much break even with everything I’m finding. The rehab took longer than expected, rates went up, and values decreased slightly since I bought it.

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y
    Quote from @Cameron Amateis:

    Hi all, 

    I am looking to refinance a SFR at 85% LTV. Does anyone know of any lenders that are licensed in Michigan that can make that happen?

    Thanks,

    Cameron Amateis


    It is possible as a second mortgage. Up to 85% CLTV for full doc loans. Max Cash out is about $450,000

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    1Reply
  • Aaron B. Lewis
    Real Estate Broker · Detroit, MI · Member since 2017 · 103 posts · 50 votes
    3y

    I may have a guy who can help...hmu

    0Reply
  • Nathan Harden
    Real Estate Agent · Puyallup, WA · Member since 2022 · 551 posts · 379 votes
    3y

    If you can refi with an 85% LTV and still have positive cash flow, take it and run with it.

    0Reply
  • Tyler Warrick
    Lender · Chandler, AZ · Member since 2023 · 88 posts · 48 votes
    3y
    Quote from @Nathan Harden:

    If you can refi with an 85% LTV and still have positive cash flow, take it and run with it.


     Even if you breakeven/slightly negative in cash flow -- sounds solid to take the money. Rents will likely continue to increase which will help if the goal is long term hold. 

    0Reply
  • Allan Smith
    Contractor · Nashville, TN · Member since 2014 · 1k+ posts · 1k+ votes
    3y

    85% is very unusual.  Will be tough to find.

    0Reply
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