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Investment duplex, $625k loan refinance with 75% LTV possible in California Bay Area?

Non-owner occupied duplex in San Mateo, CA  94402 valued at $850k.  Outstanding balance $635k with an existing 5.875% loan.  Looking for a 30 year fixed refinance to a lower interest rate.  Credit and income excellent.  Can find loans to 70% LTV, but not 75%.  Not a Freddie/Fannie existing loan.  Is money that tight? 

  • June 14 2012 - San Mateo
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Answers (4)

Best Answer

Best person to ask is a mortgage broker. If you don't already know one, here's the guy I use. He's really on the ball.... he's in Burlingame.... and he know's his stuff. Email him for the fastest response:

Michael J. Haigh
Retail Sales - Branch Manager
The Michael Haigh Team
[Website deleted by Zillow moderator.  Please see our Good Neighbor Policy posting rules.]
  • June 14 2012
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I might be able to do it via a Jumbo loan. I am assuming you are not requesting cash out correct?
  • June 17 2012
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70% is the Freddie Mac super conforming program. Anything above that would have to be a regional portfolio lender. I don't know of any offering that LTV for your profile.
  • June 14 2012
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Thanks David, I've e-mailed Michael.  But quite honestly I've reached out to 3 mortgage brokers already, tried several of the on-line direct lenders and lending referral sites and even called several banks and credit unions.  Starting to think that I either have to buy it down to 70% LTV, or wait (years?) until the combination of value and continued payments gets me to 70%.  Frustrating with an interest (overpayment) due to my current interest rate to the tune of probably $1,000 per month.  Appreciate your time and referral.

-mb
  • June 14 2012
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