Conventional Rate & Term Refinancing, With No Seasoning Period.

[Jerry Padilla]

Freddie Mac and Fannie Mae are both conventional lenders. They each have their own set of guidelines to be followed. Below are the required LTV ratio's for Rate and Term Refinances, from both of these guidelines. The LTV ratios for a rate and term refinance are according to current appraised value of the property.

This includes refinancing private, hard money and rehab liens on the property. 

Freddie Mac - min credit score: 620 - for up to 6 mortgaged properties.

Fannie Mae - min credit score: 620 - for up to 4 mortgaged properties, & a Min credit score: 720 - 5-10 mortgaged properties

THESE ARE FOR MORTGAGED Properties 1-6; For Freddie Mac, a Rate and Term Refinance for a Primary Residence;

• 95% for 1 unit
• 80% LTV for 2-4 units

THESE ARE FOR MORTGAGED Properties 1-4; For Fannie Mae, a Rate and Term Refinance for a Primary Residence;

• 1 unit - 95%
• 2 unit - 85%
• 3-4 unit is 75%

THESE ARE FOR MORTGAGED Properties 1-6; For Freddie Mac, a Rate and Term Refinance for an Investment Residence;

• 75% for 1-4 Units..... Up to 6 mortgaged properties allowed.

THESE ARE FOR MORTGAGED Properties 1-4; For Fannie Mae, a Rate and Term Refinance for a Investment Residence;

75% for 1-4 Units

7-10 Mortgaged Properties; For Fannie Mae, a Rate and Term Refinance for an Investment Residence;

75% for 1 Units

70% for 2-4 Units

Fannie Mae Guideline for Rate & Term, Mortgaged Property 1-4.

Fannie Mae Guideline for Rate & Term, Mortgaged Property 5-10.

Freddie Mac Guideline for Rate & Term.

STATES WE LEND IN:
Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin

[Jerry Padilla]

A cash out refinance is a little different than a rate and term refinance. After the 6 month period, which you are close to, 

• On an investment property; A SFR if you have #1-6 mortgaged property you can pull out up to 75% of the equity and a 2-4 units is up to 70% equity. 
• On an investment property; If you have 7-10 mortgaged properties, including subject you can only pull out money in the first 6 months (delayed financing) that you own the property, if you own the property free and clear. As long as the value is there (on a SFR 70% LTV and 2-4 units 65% LTV) You can take out up to a maximum of the purchase price plus closing costs on the property.

You would qualify for delayed financing for less than 6 months, and it will be about the same amount for delayed financing and cash out. The Maximum you could cash out would be your purchase price even if the appraisal is higher. 

@Kumar Paj