Cash Out Refi for Second Home/VRBO Property

[Joshua Martin]

We built a small house on 62 acres as a second home and VRBO. It is located in upstate NY, we live in CO. Started working with KeyBank and they will only lend 60% of the appraisal value because of a limit on fees and points on their conventional loans. We are really hoping to get a mortgage on 75% of value. We expect appraisal to be $250k or higher (feel good about higher but playing it safe). My questions are:

Are Keybank's limit on fees and points a common occurence? I've had 3 other mortgages (one investment and 2 primary) and this has never come up. 

Are there bank/institutions that anyone has worked with that will have less fees and we can get 75% cash out?

Are there other loan products that would be easier to acquire for this situation?

We have good credit and reasonably strong income. DTI will have cushion with 75% LTE.

[Robin Simon]

Quote from @Joshua Martin:

Quote from @Robin Simon:

Quote from @Joshua Martin:

We built a small house on 62 acres as a second home and VRBO. It is located in upstate NY, we live in CO. Started working with KeyBank and they will only lend 60% of the appraisal value because of a limit on fees and points on their conventional loans. We are really hoping to get a mortgage on 75% of value. We expect appraisal to be $250k or higher (feel good about higher but playing it safe). My questions are:

Are Keybank's limit on fees and points a common occurence? I've had 3 other mortgages (one investment and 2 primary) and this has never come up. 

Are there bank/institutions that anyone has worked with that will have less fees and we can get 75% cash out?

Are there other loan products that would be easier to acquire for this situation?

We have good credit and reasonably strong income. DTI will have cushion with 75% LTE.

Good luck but the 62 acres is going to limit your choices quite a bit, ineligible for a lot of lenders

 Why would the acreage make it ineligible for a lot of lenders?

 A lot of lenders (non-QM Lenders for example) when financing real estate want to keep it purely real estate and have acreage limits, typically maximums from about 2-10 acres