So I am working with a Realtor that helped out my friend with some of his rental properties and he recommended a mortgage broker that he works with that would supposedly be able to get me approved. Turns out that I have some issues with my debt to income ratio because I just bought my personal residence. I asked if I could buy all cash and cash out refi for the appraised value, but he told me that they would only refi 70% of what I purchased for. Does that sound right? Does anyone know a lender in Milwaukee or anywhere in Wisconsin that would be willing to lend on appraised value rather than purchase price? I want to jump in the game and I can get the cash to do so, but I want to assure that I have a way to pull my money out. Please help. Any advice would be appreciated. Thanks
There are quite a few that should do it. I had to call around but I found three in my area that would do a cash-out refi for 75% of the appraised value after I was finished fixing it up. I think most of them wanted to see 6 months to 1-year seasoning though just so you know
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