Profile picture for ErickMoreno9

I need a cash out Refinance

Good morning, 

I am currently looking for a cash out refinance, about 6 months ago I purchased a single family home with 2 attached granny flats (permitted) and they also have kitchens, I know some lenders have certain guidelines and do not lend with attached granny flats. Please let me know of any lenders you believe this will not be an issue with. Thank you.
  • October 18 2013 - Chula Vista
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Answers (14)

Although this is true, there are still lenders out there that can help you with your situation. The most efficient thing for you to do is to speak with a lender directly. Lenders like myself would be glad to speak with you to help you get the loan that you need. Well if you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck!
  • October 22 2013
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You don't need delayed financing as long as you have held title for 6 months. If less than 6 months you will want to wait until you reach that point to be eligible for Fannie Mae financing (since you have stated you don't meet delayed financing guidelines).

Regarding multiple kitchens, this should be OK if all permitted and zoned as SFR.   

As long as your credit profile and verifiable income are in line, this sounds like a fairly straight-forward loan.    Happy to take a closer look with if you'd like to get in touch through my profile, I am local to you in San Diego.
  • October 18 2013
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  • October 18 2013
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Titled as single family residence. Because the granny flats share the same water/electric meter and the zone is R1 and cannot be multi-unit.
  • October 18 2013
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Titled as single family residence. Because the granny flats share the same water/electric meter and the zone is R1 and cannot be multi-unit
  • October 18 2013
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I know you said it is a single family, but is the property Titled as a a Multi-Unit property or as a single family?
  • October 18 2013
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Yes I occupy part of the residence.
  • October 18 2013
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Do you occupy part of the property as your primary residence?
  • October 18 2013
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Bryan,

I do not qualify for a delayed financing option, As 6 months have passed already. Also part of the funds did not come out of my account. That is why I need to finance part of my loan. So I can pay back family members who let me borrow money for this property. Let me know if you can assist. Thank you.
  • October 18 2013
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Hi Erick,

We can assist on a delayed financing cash-out.  Are you living in the property or was this purchased as an investment.

Feel free to contact me via my profile for more information.

Best,

Bryan

  • October 18 2013
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Profile picture for ErickMoreno9
I am only looking to get 40% of the values home. I paid for the house in full, as it was a fix it upper. And now that it has been fixed I want to cash out part of the investment.
  • October 18 2013
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Profile picture for The Mortgage Mark

Max Cash out is typically 85% of the value of your home. 

  • October 18 2013
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There are lenders out there that will refinance unique homes such as yours on case by case basis.

If would like more specific information please let me know or you can click on my profile.
  • October 18 2013
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Did you put a large down payment down?  Typically on a cash out refinance you are capped at 85% of what your home is worth, unless you can go VA.

  • October 18 2013
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