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LTV

Im trying to refi and pull some cash to do reno's.  To be at 80% LTV my appraisal needed to come back @ $220k (which thought would be a no problem) It came back @ $197k. My LO is trying to switch gears and get me to do a HELOC but, I dont want a variable rate.  By my calculations i need to be @ 89% to get back the cash i want.  I know i would have to keep PMI but, cheaper than having HELOC.  I have the income and credit to support a higher LTV.  Any reason he wouldnt suggest this?
  • March 25 2012 - Blacklick
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Answers (1)

Profile picture for shapiroamg
Because the only program that goes above 80% on a cash out is FHA and that is limited to 85%. 
  • March 26 2012
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