Refinancing a Cash-Buy Investment Rental Property

[Preeti Sampath]

Wohoo! I bought my first property! Now I am working on getting a cash-out refinancing to secure a fixed 30 year mortgage. I know most banks only offer 75% LTV. I am wondering if anyone can offer me ideas of how I can secure financing at 80-85% LTV.

Background:
Purchased Friday, June 21st. Single Family Home. 

[Nicholas Iglesias]

If you purchased the home cash and want to cash out on that property you would have to wait 12 months for an FHA loan and 6 months for a conventional loan (If it was inherited you may be able to bypass this guideline depending on lender and state)

You can go up to 85% LTV on FHA and 80% LTV on a Conventional Loan.

This is considering the property being your primary residence. If it is an investment property then you can only cash out to 75% as a conventional mortgage (you cannot do FHA for investment properties).

Hope this helps, 

Regards,