100% cash out refinance

14 Replies

Does anyone know of a bank, credit union, or other lending company that does 100% cash out refinances and does business in Connecticut?  The few local banks I've talk to only offer 70%. 

Thank you!

call marc nathan at village mortgage.  awesome company

@Garvin Yu

The only way to get this is if you have VA eligibility. Otherwise you're going to have to find private lender, Hard Money lender or a bank that offers portfolio packages.

Realistically you're not going to find someone that will do this unless it's VA loan or a purchase.

FHA will go up to 85% and that's the highest for Gov loans that are available to everyone.

If you paid 100% with CASH, but bought it at a 30% discount off its immediate appraisal (THAT'S the secret!), then a 70% refi WILL get you all your cash back! Cheers...

When (and IF) traditional banks ever decide to re-fi at 100%, we will most likely be where we were in 2006-2009 where our pets could get a mortgage.  Remember how irresponsible lending got?  People who had no right getting mortgages were getting them, and the unscrupulous lenders were giving them, for the quick $$.. 

Someone mentioned VA, that is possible, but you need to have served. Brent made great comment about buying at a 30% discount. That is absolutely the best answer! Hard Money Lenders will not lend you 100% of value either. To tie up their capital in a shifting market would not be something they would look at, unless they are getting 4-5 points and 18%.

My $.02: Grab your 70% LTV, and for your next purchase be sure and work your numbers so that you can calculate that 30% discount, as well as a value add that can give you potentially more $$ so that you can pull ALL your cash out (and maybe more, if you hit the jackpot:) If you do find a bank willing to do a 100% cash out re-fi, please share. I would love to hear their terms. Good luck Garvin.

Originally posted by @Luis Melendez :

call marc nathan at village mortgage.  awesome company

 Thanks Luis. Do you know if Village holds the loans on their books or sells them off? Thanks.

Not going to happen.

sells them off .  Call village i did 2 vs it refinances no problem.  IT CAN be done 

i stand corrected.  i didn't fully read your post. only 70% Cash out. no bank will do 100%. sorry garvin. good luck

@Garvin Yu your thinking about it all wrong. There is no bank that I know of that will assume 100% liability for any property otherwise lenders will be doing no down payment loans. With that said if you want 100% buy at 70% or whatever LTV the lender is offering. Good luck!

I appreciate all the advice you all. I did a lot more reading and now I understand a lot more, find properties with at least 70% roi after renovations. 

Thanks you all!

Originally posted by @Garvin Yu :

I appreciate all the advice you all. I did a lot more reading and now I understand a lot more, find properties with at least 70% roi after renovations. 

Thanks you all!

Didn't you mean to say: "find properties that you're only paying 70% including renovations"?

I hope you understand the difference. Cheers...

This post has been removed.

@Brent Coombs , yes that is what I meant, mixed up my wording (which gave my thoughts completely different meaning). 

Find and buy properties at 70%, including renovations, of the projected appraised value. 

So far we're having a tough time finding deals like this, but we'll keep on going. I just finished my realtor's class, need to take the state test so hopefully futureaccess to the MLS will help.

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