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Answers (12)
- ghope777
- Contributions:5
Thank you. This was very helpful.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3427
Preferably all comparables will be in the last 90 days to include at least 3 sold, 1 pending, 1 active to support the appraisers opinion of value. Investment property appraisals are expensive. One tactic you can use to protect your out of pocket in your scenario would be to have the originator order ONLY the value report first (~$400) and if successful you can then have the other required forms (rent survey and operating income statement) added once you know your loan is secure.
Your 3 most recent sales look to indicate 265 as a reasonable expecation, if you can complete your loan ~199,000 it would be worth a closer look at the numbers.
Your 3 most recent sales look to indicate 265 as a reasonable expecation, if you can complete your loan ~199,000 it would be worth a closer look at the numbers.
- ghope777
- Contributions:5
Any insights on how banks are determining value? For instance, the sold and list price for condos in my complex is a wide range. There is a foreclosure that sold for 195k on 11/11, and others that sold for 260K on 3/11, 296K on 2/10, 265K on 12/09, and 249K on 7/09. All the same floor plan. I know the appraisal fee will cost @ $600 dollars so I'm trying to see if rolling the dice is worth it.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3427
For loan amount up to 417,000, 75% is going to be the maximum available loan to value for investment property rate and term refinance.
- ghope777
- Contributions:5
I am in the same boat. I could have written this question. I have condo in San Diego about 80% LTV with solid rental history for five years. Same APR. I have great credit. Not Fannie or Freddie backed loan. I have tried existing lender, my bank, two mortgage brokers, and a host of internet based loan companies. LTV is holding me back. Did you have any luck?
- John Conklin, "203K Alternative"
- Contributions:130
We have access to banks that will refinance investment property's up to 80% LTV. There are also other solution as well that you may help you with out having to liquidate assets to close. Has the property been appraised recently? Feel free contact me and I can point you in the right direction.
- Keith & Kinsey Schulz, "Keith And Kinsey"
- Contributions:76
We just closed on the refi of two of our rentals. One of them had fallen out of the 75%LTV range. In fact, the appraisal we got put it at 87% LTV because all the comps were foreclosures. In any case, we are able to refi the property with the poor LTV under the HARP program. Call a local lender and give it a shot.
- Mark Gelbman, "Mark Gelbman"
- Contributions:222
If your current loan is either a FNMA, or FHLMC, than you may be able to refinance using the HARP program.
- Cory La Scala, "San Diego CA Realtor"
- Contributions:419
Hi there, Sorry you only received one unhelpful response to this. I know that to buy a rental, a typical down payment is 25%. But there may be lenders with other loan programs. I can send you some of the lenders I use; maybe they'll have some suggestions. I'm just surprised you're able to get back in rent what your mortgage payments are, for a property purchased in 2005! Warm Regards, Cory
- Tom Biberacher, "Tom Biberacher"
- Contributions:2
Email me your contact information and I may be able to offer you suggestions or solutions.
Thanks
Tom
[Hotlink removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
- Tom Biberacher, "Tom Biberacher"
- Contributions:2
Email me your contact information and I might be able to offer you some suggestions or solutions.
[hotlink removed by Zillow moderator]
Refinance rental property with 80-85% LTV?
We're not interested in writing a big check at settlement to make this refinance happen and would rather sell the house. It is frustrating that we are unable to refinance despite positive equity, perfect payment history and excellent credit scores and documentation. I'm sure there are many others in the same boat and was wondering if anybody had been able to break through and actually refinance. Other than making up the difference at settlement (or going back in time to refinance while it was our primary residence), is there anything that can be done? Thanks in advance for your suggestions.
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