Referrals for DSCR or CASH OUT REFI Lenders in Pittsburgh area•OUT OF STATE INVESTOR

[Tia Ricketts]

I have a fully rehabbed property in the Penn Hills area that I am trying to get a cash out refinance for. Asking $75k, expected appraised value is ~ $170k.

The house is currently rented for 1800 a month on section 8 so that’s guaranteed.

I found a lender, Federated mortgage Corp, who I thought was a direct lender but turns out they’re brokers. They said my deal was solid then one month later being an out of state investor was a “hurdle.” Now they’re saying another month to close the deal, two weeks in and still no updates. I’m not feeling optimistic about them.

Any out of state investors have used lenders in the Pittsburgh area for refi deals? Solid Referrals would be great! 

Also note - excellent personal income, cash on hand, and 750 credit score. Not sure why this has been so challenging.

[Erik Estrada]

Hey Tia, 

There are a handful of lenders that will go below a $100k loan amount. But the rate and cost will not be the best.. 

You might want to try a local bank and see if they can provide you with reasonable terms,