Profile picture for drumcp

NEED TO REFI FOR CASH OUT

I bought a rehab property 2 years ago for $350000.  Repairs are done but we incurred more costs than we had anticipated.  Everything on house replaced.   The house is definitely worth more than comparables in the area.  Want to refi to get small cash amount to erase debt.  With the proposed house value, are we stuck?
  • November 02 2011 - Mount Airy
  • 0Yes

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Answers (2)

The home is not worth more than the comparables...if it is then they are not comparables!

  • November 02 2011
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Profile picture for Mortgage Brothers
Your post does not provide enough information for a response.
1) What is the estimated value of the property now?
2) How much do you owe on it?
3) What would the new loan amount be?
4) How many financed properties do you own?
5) Assuming this house is vacant, is your tax return documented income such that you can carry the proposed new loan PITI and meet debt to income ratio requirements?
6) Depending upon how many properties you own can you document assets (liquid and retirement accounts at 70% of the balance) that equal 6-months of PITI for all the non-owner occupied properties you own?

You really need to find a knowledgeable mortgage pro in your area and be prepared to provide a ton of information to get an answer to your question.  If you know someone that is a really knowledgeable pro they should be able to sift your data and give you a "Yes possible" or "No impossible" answer in pretty short order along with the explanation of why it is not possible if the answer is "No".   Sadly, the number of truly knowledgeable mortgage pros is limited and calling 1-800 call center for one of the big banks is a waste of time for someone that needs something beyond an order taker with a script in front of them. 
  • November 02 2011
  • 0Yes

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