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I am trying to refinance an investment property with 70% equity. I do have 2 loans on it that I am t

I am trying to refinance an investment property with 70% equity. I do have 2 loans on it that I am trying to consolidate but most lenders cannot do it unless I put another 5% down. I am wondering if you have a product for this/ could recommend some lender who does this. Property is in california in santa clara county. Excellent credit with full income verification.
  • November 24 2012 - Santa Clara
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Answers (6)

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Craig Bosse
Mission Hills Mortgage
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NMLS 1019442
  • October 09 2013
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If the second loan was originally used to purchase the home, I would be able to work with 75% LTV.  Please contact me through my profile if you weren't able to refi last year.
  • September 28 2013
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The loan would be a "Super Conforming or High Balance" Loan at the loan amount of $497k. The maximum LTV (loan to value ratio) that Freddie Mac or Fannie Mae will allow on this type of loan would be 65%.
  • November 27 2012
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The combination is tough for over 417000 as the loan to value exceeds the max allowed by Fannie Mae and Freddie Mac. One easy option would be to refinance only the 370 loan and keep the second as is. If that doesn't work you will need to find a "portfolio" lender however the rates/programs available won't be as attractive. If you would like to contact me through my profile we can look at refinance only the primary and if it doesn't work I can suggest a bank you can try working with directly that might be worth looking at for the combination.
  • November 25 2012
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The amounts are 370k and 127k. The estimated value is 700k. Is there a way I can get it refinanced without paying another 5% down? It is a single unit.
  • November 25 2012
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What are the combined loan amounts and your estimate of current value? Is it single unit or multi-unit property? I am guessing you are over 417000 and running into the Freddie Mac 65% limit.
  • November 25 2012
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