What's the best LTV Cash out refi out there now?

Question

My credit union is telling me the max LTV they can do is 75% on a second home. Is there anyone out there that does better than this?

Thanks,

Angeline

Reid Chauvin · Answer

75% LTV on a second home cash-out is pretty standard across the industry right now. You may be able to find someone who will offer a higher max LTV, but chances are that you will be taking on a higher interest rate, just FYI.

Joseph Hammel · Answer

Was just talking to a local CU here in WI. They will do 80% LTV on a 2nd and if the proceeds are going to a new asset they will match the terms. They are doing 2.875% locked for 5 yrs with a 25 yr am on 1-4 units. (20% down). With very low origination fees. They are also offering some 10yr locks at 4% or a little less with the same terms on commercial loans. Call every bank in town if you have to.

Cris Normandt · Answer

Hi @Angeline Rebottaro R/T is short for Rate and term, just another way of saying a normal non-C/O refi.

Mitch Davidson · Answer

@Angeline Rebottaro: Even our DSCR cashouts (i.e., no income or DTI considerations) are 75% LTV. If you need to go higher on LTV, your only options may be a HELOC or hard money.

Nick Belsky · Answer

@Angeline Rebottaro

Purchases are 90LTV. C/O is 75LTV.

Cheers!

Cris Normandt · Answer

Hi @Angeline Rebottaro Reid is correct on this. Both Fannie and Freddie have 75% LTV on their Cash-out Refi loan programs. If you decided to go with a R/T refi the LTV could be as high as 90% assuming good credit.

Thanks,

Cris

Thanks,

Cris

What's the best LTV Cash out refi out there now?

What's the best LTV Cash out refi out there now?

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