Private Lending & Conventional Mortgage Advice

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Refinance primary residence to purchase investment

Posted Sep 3 2019, 06:04

I have a small 7and done loan for 33000 against home at 3.99 % home worth about 150. I have a single family house that’s right next door to one of my duplex’s owner offered home to me for a good deal. I don’t have a deposit ready as this deal came unexpectedly so I’m thinking of doing a cash out refi on my primary to purchase rental is this a good strategy?

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Replied Sep 3 2019, 15:20

@Gui Touma I'm in the same situation currently. My lender informed me that doing the cash out wont affect getting another loan on my next investment property.

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Jerry Padilla
  • Lender
  • Rochester, NY
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Jerry Padilla
  • Lender
  • Rochester, NY
Replied Sep 3 2019, 22:20

@Gui Touma

It is a great time to consider cashing out as rates are low. For a primary residence, you can cash out up to 80% on a single family and 75% on a multi-family. 

Lender NY (#NMLS 1084877) and Prime Lending Licensed in All 50 States (#NMLS 13649 )