I found a home worth 215k and I wanted to get a cash out of 20k for personal debt and expenses. My credit is around 760, my income is roughly 55k a year and I wanted to get a 30 year fixed rate mortgage. Is this possible? by harry._732_460 from Salem, Washington. Dec 30th 2011
You can not do what you are asking.
when did you settle on property?
Are you talking about cash out on a purchase loan? That's not possible....
Typically this is not possible, especially with a 30 year mortgage. With private money it's a different story.
If you found a house on a short sale, you could end up with positive cash flow off the deal.
You would need to pay cash if it's a purchase (probably with private money-we can help with this) and then you could refinance if the loan-to-value was right where you could take cash out. A few more details are needed from you. Is it a purchase? Are you able to get a great buy on the property where you might have instant equity? You're welcome to contact me if you think this would work. Thanks!Paul
There are no lenders willing to loan you more than the purchase price, and unless you are a veteran or purchasing a USDA qualified home, you must put at least 3.5% down to qualify for an FHA loan. But you will not be able to find a lender willing to do what you are asking.
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