I NEED A CAH OUT REFI

I have a townhome in Southern California in which I owe $50k, the present value is $110k. It is an investment property that I would like to refi and cash out to 75% LTV.  

Here is the problem, the HOA is 60% NOO and the complex is not FHA certifiable.

Is there any reasonable financing for what I want to do.  Every mainstream lender gets hung up on the HOA certification.

  • November 01 2013 - Upland
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Answers (4)

Hi Robert,

The previous suggestions are correct.  You'll need to avoid Fannie and Freddie and go with a portfolio loan program.  I have a couple of different banks that we are correspondent lenders with, who offer financing without needing an HOA Cert.

I am in Seal Beach.  Contact me to discuss further.
  • November 02 2013
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Hey All,

Great suggestions! 

I will update you on my findings when I pursue your suggestions.

Once again, thank you for the great suggestions.

Take care!
RJH
  • November 02 2013
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Hi Robert

i would recommend going with portfolio lenders ,rates are little higher but they are not restricted on  NOO ratio .  Good Luck

Omar Khamisa
NMLS # 369325



  • November 01 2013
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Hi Robert,

The HOA certifiaction is a Fannie Mae and Freddie Mac requirement.  If it does not meet their requirements then the lender will not be able to sell the loan to them.  You are then looking a needing a portfolio loan from the bank, if they offer one for your situation.  There is also the Hard Money loan option, but the rate will be much higher.

Reach out to your local banks or credit unions and ask about a portfolio loan.
  • November 01 2013
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