Non-Cofirming loan at 70% LTV for rental

General Landlording & Rental Properties
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Non-Cofirming loan at 70% LTV for rental

Raju BalakrishnanPro Member
Rental Property Investor · Santa Clara, CA · Member since 2016 · 219 posts · 112 votes
I am trying to cash-out-refinance my rental to take 70% out. This will be above the jumbo mortgage limit for the county at around 700k. Tried with portfolio as well as conventional lenders, and yet to find someone giving 70% LTV. Any recommendations?
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  • Matthew CrivelliBusiness Member
    Lender · MA · Member since 2021 · 1k+ posts · 1k+ votes
    5y

    You can use hard money if your credit score is in good shape and you have some reserves. The cons are, it's more expensive all around and the property has to be cash flowing. Rent has to be greater than taxes, insurance, principal, and interest. But if everything works I've seen up to 80% LTV Cash outs.

    [email protected]413-348-8346
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    0Reply
  • Alex BekezaBusiness Member
    Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Raju Balakrishnan I think you'd be surprised how close we could get DSCR-based 30 year fixed rental financing to conforming jumbo rates right now. At 70% a 3.5% (with some rate buy down) is totally feasible even with cash out.

    [email protected]818-606-8823
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  • Melvin ListBusiness Member
    Lender · Tampa, FL · Member since 2016 · 1k+ posts · 381 votes
    5y

    Try @Chris Mason!  He will have access to this program with very competitive rates.

    C2 Financial
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  • Jesse Rivera
    Lender · Long Beach, CA · Member since 2013 · 496 posts · 296 votes
    5y
    Originally posted by @Raju Balakrishnan:
    I am trying to cash-out-refinance my rental to take 70% out. This will be above the jumbo mortgage limit for the county at around 700k. Tried with portfolio as well as conventional lenders, and yet to find someone giving 70% LTV. Any recommendations?

    What county is the Rental in?

    0Reply
  • Raju BalakrishnanPro Member
    OP
    Rental Property Investor · Santa Clara, CA · Member since 2016 · 219 posts · 112 votes
    5y

    Thank you all, sent a not to some references in the thread

    0Reply
  • Raju BalakrishnanPro Member
    OP
    Rental Property Investor · Santa Clara, CA · Member since 2016 · 219 posts · 112 votes
    5y
    Originally posted by @Jesse Rivera:
    Originally posted by @Raju Balakrishnan:
    I am trying to cash-out-refinance my rental to take 70% out. This will be above the jumbo mortgage limit for the county at around 700k. Tried with portfolio as well as conventional lenders, and yet to find someone giving 70% LTV. Any recommendations?

    What county is the Rental in?

    Contra Costa, CA

    0Reply
  • Raju BalakrishnanPro Member
    OP
    Rental Property Investor · Santa Clara, CA · Member since 2016 · 219 posts · 112 votes
    5y
    Originally posted by @Melvin List:

    Try @Chris Mason!  He will have access to this program with very competitive rates.

    Thank you, Done!

    0Reply
  • Jesse Rivera
    Lender · Long Beach, CA · Member since 2013 · 496 posts · 296 votes
    5y

    Not a jumbo loan, that's a hi balance conforming, can go up to $822,375 loan amount.

    0Reply
  • Jinhee Hann
    Lake Oswego, OR · Member since 2020 · 58 posts · 24 votes
    5y

    @Raju Balakrishnan

    Look into HELOC with penfed which goes up to 90 cltv on investment property

    Most banks cap at 60% max jumbo investment cash out.

    0Reply
  • Raju BalakrishnanPro Member
    OP
    Rental Property Investor · Santa Clara, CA · Member since 2016 · 219 posts · 112 votes
    5y
    Originally posted by @Jinhee Hann:

    @Raju Balakrishnan

    Look into HELOC with penfed which goes up to 90 cltv on investment property

    Most banks cap at 60% max jumbo investment cash out.

    Thank you, send them a request. 

    0Reply
  • Raju BalakrishnanPro Member
    OP
    Rental Property Investor · Santa Clara, CA · Member since 2016 · 219 posts · 112 votes
    5y
    Originally posted by @Jesse Rivera:

    Not a jumbo loan, that's a hi balance conforming, can go up to $822,375 loan amount.

    Its SFR

    0Reply
  • Jesse Rivera
    Lender · Long Beach, CA · Member since 2013 · 496 posts · 296 votes
    5y

    Yup, that's for SFR.

    0Reply
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