Cash-out refi on SFR in Tucson with 7 mortgages

9 Replies

Hey folks,

I have seven mortgaged properties, I'd like to do a cash-out refi on one of my homes in Tucson. I owe $57k on it and it should appraise between $140-145k. Can anyone recommend a bank that would consider a deal like that at 75-80% LTV? I live in NH.

Thanks!

I know a bank that will do it at 75% if you have a 700+ fico. Otherwise max is 70%. Has to be tenant-occupied and you need to live in a primary residence. Can't be a renter. Email me directly if you'd like the info.

Never received your email Benjamin.  Make sure to you the one in my signature below as I don't check this site as often as I should

 

Stone, rates are in the 7's, no points, for a 30yr term.  Pretty proportionate for not having to show income/employment/tax returns/exit strategy, etc. 

Just sent a second email, thanks! I used the email address in your signature line.

Hi @Benjamin Richards ,

As of a few months ago, you can own up to 10 financed properties and still do cash out refinances using plain vanilla 30 year fixed Fannie loans, rates in the 4s.

Before that, Fannie capped you at 4 and Freddie capped you at 6. 

Individual lenders may have overlays preventing this, so you might have to make a few phone calls.

Chris Mason, Lender in CA (#1220177) and California (#1220177)
415-846-9211

Join the Largest Real Estate Investing Community

Basic membership is free, forever.