Refi at 85% LTV
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
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.
#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
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#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
Try a private lender you know, that may do this.
@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
@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.
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
I may have a guy who can help...hmu
If you can refi with an 85% LTV and still have positive cash flow, take it and run with it.
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.
85% is very unusual. Will be tough to find.