My husband and I are looking to do a cash-out REFI on our primary residence. We bought in a beach community at the Jersey Shore and the real estate market has appreciated substantially. We are at a high interest rate on our current mortgage so it's worth doing this REFI and also pulling out some cash to invest in property down South.
Just hung up with a local lender here, and he's telling me that "because of the virus" the loan to value ratio is only 70%. Seems really low! I thought worst case scenario would be 75%....was hoping to land more around 85% especially given that it's a local lender. Anyone else currently finding this while doing Cash-Out Refi on a primary home or investment property?
Fannie Mae will buy cash out loans up to 80%. Lenders can make the decision to impose a lower LTV. Just need to keep calling around. Good luck.
Hey @Jessica Amoroso ,
Got a house down in Ocean City too! To set some expectations, 85% def sounds high though. 70-75% sounds about right. I am a lender in the Philly and Jersey area. If you want to hop on a quick call to see if I can help, let me know.
@Jessica Amoroso- As a Private Lender, Cash Out would be up to a 75% LTV MAX on a SFR, DSCR qualifying loan with a 700+ Fico.
OK, thank you, Ed for your response!
Just saw these other responses.....many thanks!