Cash out refinance HELP

4 Replies

Seeking a company in the Baltimore area that requires 80% or less LTV when doing a cash out refinance deal. Looking to pay for a property all cash via heloc and local lender is saying I need 70% LTV

Fannie Mae's delayed financing will allow you to get up to your purchase price plus any refinance costs back out from the day you buy the property up to 6 months to a max. of 75% LTV on non-owner and 80% LTV on owner occupied so long as the property that was bought has no liens on it.

From 6 months or more, you can get a standard Fannie Mae cash out based on 75% LTV non-owner or 80% LTV owner based on the new appraisal value.

Non-QM lenders will allow you to pull up to 80% cash out immediately from the time of the purchase, but its at higher rates than conventional loans like Fannie Mae. 

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