Real Estate Investor · Beaverton, OR · Member since 2010 · 6 posts · 1 vote
Does anyone have EXPERIENCE with the maximum amount of money they can pull out of a free and clear owner-occ SFR on a cash-out refinance? The house is in Bremerton WA worth about $250,000. Assume good debt-to-income and 740 credit score with a foreclosure in 2012.
If BiggerPockets allows, can you refer me to your lender.
Rental Property Investor · Marlton, NJ · Member since 2014 · 125 posts · 36 votes
10y
@David Galan, I do not have direct experience w/ a cash-out refi, but I can tell you that per Fannie Mae, the most you can pull out for a cash-out refi on your primary residence is 80% LTV, and the most you can pull out for a cash-out refi on an investment property is 75% LTV. This is assuming you are refi'ing into a fixed rate mortgage.
Visit https://www.fanniemae.com/content/eligibility_information/eligibility-matrix.pdf for more information
Rental Property Investor · Marlton, NJ · Member since 2014 · 125 posts · 36 votes
10y
@David Galan, I do not have direct experience w/ a cash-out refi, but I can tell you that per Fannie Mae, the most you can pull out for a cash-out refi on your primary residence is 80% LTV, and the most you can pull out for a cash-out refi on an investment property is 75% LTV. This is assuming you are refi'ing into a fixed rate mortgage.
Visit https://www.fanniemae.com/content/eligibility_information/eligibility-matrix.pdf for more information
Since you had a foreclosure in 2012 conventional financing is out. FHA will allow 85% cash out and since this is O/O that dollar amount equals $212,500.00
If it's free and clear VA won't allow you to cash out.