Hello, I have a rental home with 95% LTV, are there any lenders that will refinance out there currently? It's not with any federal backed agencies. by lamard93436898 from Kihei, Hawaii. Jun 17th 2017
It varies from lender to lender, but most require at least an 85% LTV for a rate/term...75% for cash-out.
You have several options. You can do a 80% conventional first mortgage and a 15% second mortgage. You can also do FHA. If you qualify for VA, then that is a possibility. Also if you did your mortgage before May 2009, then there is a possibility to do a HARP loan. We're a Hawaii broker. Give us a call if you want to explore possibilities.
Sorry, read this too quickly and missed the rental part. HARP still might be a possibility if last financing was before May 2009. If it is a VA loan, then that is a possibility too. Other than that, what Melissa said is correct.
If the original loan was a VA loan, you'd have no problem refinancing, even if you no longer live in the home.An 85% loan is the highest I have found for your situation if not VA.
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