Banks doing 75% LTV?

Question

Ray Evans · Answer

@Joey Freda I’m guessing this is for an investment and not a primary residence.Many HML are still offering up to 75% LTV.I haven’t dealt with any (banks) for my investment opportunities.I use HML and search for those PML.They slowed up at first during covid,but the market hasn’t dropped off that much and they are coming around.

Best of Luck

Eric Veronica · Answer

Sorry, overlay means additional, more restrictive rules imposed by a bank bank  beyond standard Fannie Mae Conventional guidelines.  Conventional Fannie Mae guidelines still allow for 75% cash out on investment properties.

Charles Situ · Answer

@Joey Freda Currently there is a bigger spread between primary residence (3% 30-year) and investor-owned properties (rates has not come down as much and tighter standards). Because of high unemployment rate among blue collar workers due to Covid, many lenders are cautious about potential tenant issues and not doing cash out to 75% LTV. I called 4 lenders before I found one that would do cash out. But there is also a bigger spread between straight refi (4%) and cash out (closer to 5%). My refi is in MA and it's up to 75$ LTV. I think this lender can do RI. Direct message me and I can share my contact with you if you like.

Eric Veronica · Answer

Thats an overlay.  You should still be able to find plenty of banks offering 75% LTV cash out.