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Since November 2009
In today's market, traditional lenders are requiring any non-owner-occupied property to have at least 30% equity in property. Otherwise you are looking at a new hard-money first loan.
Featured Rates are based on state rates for 30 year fixed loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
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Refi options for rental condo?
Lee1
Contributions: 2
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Condo rental unit in st pete, 280K balance, 850 credit score for me with 700+ score for co-owner, currently leased. Market value 325K.
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