Are there lenders in Massachusetts that will lend at 80% LTV on an investment property refi?
I have an existing single family home with solid rental history over several years. I want to refinance this investment property, and include closing costs in the refi (I do not know if that counts as "cash out"). I have owned it for 11 years in Essex County, Massachusetts. My credit score is top notch, income stable, etc. I am looking for a loan that allows for 80% LTV (instead of 75%). I can afford current payments (never late), I just want to take advantage of current rates (last refi was at 6%). Most online mortgage quotes cut off at 75%, but reading Freddie Mac rules, I believe that lenders may allow for 80% - so is there someone out there who wants to earn my interest by allowing me to refinance with them? by spdarr_442_614 from Amesbury, Massachusetts. Aug 6th 2012
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Unless the current Mortgage is HARP eligible, it is doubtful you will find a lender that will advance more than 75% on an investment property, no matter how good your credit. Rolling closing costs into the new loan is NOT considered "cash-out" by every investor (lender) I have ever worked with. You just have to have enough equity. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950
Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions
I've never seen a non-owner occupied investment home go above 70-75% LTV and as far as rolling your closing costs into the loan for the refi, that is considered a cash out because you are creating a new mortgage balance that is higher than where you started.
Brian Allen (ballen)
#43 ranked lender in Maryland - 193 contributions
Amesbury, contact me at 888-354-3299 or ballen@accessnational.com seems doable.
Steven Karp (stevek81)
#9 ranked lender in Rhode Island - 151 contributions
Hello Amesbury, yes I agree, it may be doable.... we have to find out if the home is owned by FNMA or FHLMC, it may be eligible for the HARP program or another program....you may contact me too if you wish to discuss further.... skarp@emeryfs.com or cell 781-640-5592 anytime....good luck...
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