95% LTV Mortgage (cash out refi)... Where can I get one??

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95% LTV Mortgage (cash out refi)... Where can I get one??

Juan Chavez
Corona, CA · Member since 2017 · 10 posts · 2 votes

I live in Southern California and looking for a lender that would do a cash out refi on my primary residence. Trying to get as much out as possible to be ready for any opportunities that come up within the next year or two. Are there any lenders that cash out up to 95%?

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Brad Sneckner
Lender · Riverside, CA · Member since 2014 · 75 posts · 60 votes
5y

Hey @Juan Chavez Raymond is spot on. When you're pulling cash out it's a Fannie Mae limit for 80% so all the lenders follow that guideline. There are a couple of national banks that will do 90% HELOCs though, so you can try that. I'm a local lender in Corona and Riverside so feel free to call me if you have questions or need resources. My cell is below. 

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  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    5y

    Sorry to be the one, but you probably won't find a cash out refinance greater than 80% loan to value.. maybe you can look to take out a HELOC up to 90%.

    [email protected]619-456-8311
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  • Brad Sneckner
    Lender · Riverside, CA · Member since 2014 · 75 posts · 60 votes
    5y

    Hey @Juan Chavez Raymond is spot on. When you're pulling cash out it's a Fannie Mae limit for 80% so all the lenders follow that guideline. There are a couple of national banks that will do 90% HELOCs though, so you can try that. I'm a local lender in Corona and Riverside so feel free to call me if you have questions or need resources. My cell is below. 

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  • Eric Johnson
    Lender · Chicago, IL · Member since 2016 · 653 posts · 313 votes
    5y

    95% is not available. I had 95% LTV jumbo loans pre-covid. You'll want to line up a simple HELOC in this case and have the funds available on rotation.

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  • Kevin Romines
    Lender · Winlock, WA · Member since 2013 · 1k+ posts · 1k+ votes
    5y

    Try Quorum FCU for a 95% HCLTV on a HELOC.

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  • Stephanie MedellinBusiness Member
    Mortgage Broker · CA · Member since 2014 · 1k+ posts · 642 votes
    5y

    @Juan Chavez  We can go to 89.9% on larger loan sizes - this could potentially work if your home value is $620,000 or higher.   

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    Stephanie Medellin, Loan Factory58 Reviews
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  • Justin Phillips
    Lender · Phoenix, AZ · Member since 2018 · 440 posts · 256 votes
    5y

    @Juan Chavez I'm a huge proponent of a specialized heloc tied to a zero balance sweep checking account, it's known as an "Offset Mortgage" overseas. Idle funds and cashflow can be "parked" on the line, lowering interest cost and creating a large snowball effect as both your balance and interest cost are dropping rapidly. It feels like you're just doing your normal banking, but those deposits are working for you rather than BoA or Well Fargo.
    My wife and I have it on our property, and it's been great! We got the line set based off these inflated prices, and we're putting idle funds to work until the market turns, at which point we'll write a check out of our line to finance the next property.
    Line is usually set to 80% LTV, but it can be set to up to 90% LTV if it's mortgage debt.

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