Cashout Refi Owner Occupied duplex - 90 LTV possible? Upstate NY
Title says it all, looking to cash out refi the duplex I bought 8 months ago. Spent a fortune on renovations since I had no idea what I was doing, but I learned alot and have at least raised the value a bit. Owe $123k on the property and see the ARV being between $185k-$200k (being conservative of course). I tried a few banks and credit unions and they all keep saying 85 or 90 LTV is not possible on a cash out refi of a duplex even though its owner occupied. Anybody able to shed some light on this or recommend some lenders in the area that would?
Most Popular Reply
Nope, not going to happen, @Joshua Powell. Not right now anyway. Many lenders are putting a hold on cash-out refi no matter the LTV. You may be able to open a HELOC and tap into some of your equity. Start calling around to all of you local banks and CUs. Lending standards are tightening, so don't delay.