Looking for 90% Cash out Refi - Posted by Tim

import · May 25, 2007, 8:02am

Posted by Tim on May 25, 2007 at 10:26:50:

Thanks Ben, I appreciate the advice.

Tim

import · May 25, 2007, 8:02am

Looking for 90% Cash out Refi - Posted by Tim

Posted by Tim on May 25, 2007 at 08:02:37:

Is this still possible,

State - Virginia, Credit score around 680.

Thanks,
Tim - VA

import · June 1, 2007, 2:18pm

Re: Looking for 90% Cash out Refi - Posted by Xavier G

Posted by Xavier G on June 01, 2007 at 14:18:36:

We can do up to 100% on OO or NOO refi… Call me at 516-812-4720, my calls get forwarded to my cell.

I work for a National Direct Mortgage Lender and we are trading on the NASDAQ so we have hundreds of programs I can customize for you.

import · May 25, 2007, 9:27am

Re: Looking for 90% Cash out Refi - Posted by Michael Steele

Posted by Michael Steele on May 25, 2007 at 09:27:33:

Tim

To piggyback on what Ben Carmona has stated.
The mortgage professional that you will want to deal with shall be the person constantly aware of changes and updates within the industry. We work in an industry that has many different facets and many changes within itself. A program offered today may be tweeked tomorrow, and if we are not up on our game we will loose customers (which most of us can not afford to do)

You shall need to look for someone that can view the entire senario from start to finish. Someone that can see and understand your whole entire plan and show you a way to make it happen. As well as someone you can learn from. Every deal you do will be a learning experience and you should be able to take from each and every one. Your mortgage profesional shall be able to show you how.

Bestof luck in your real estate investing.

Michael Steele

import · May 25, 2007, 8:21am

Re: Looking for 90% Cash out Refi - Posted by Ben Carmona

Posted by Ben Carmona on May 25, 2007 at 08:21:12:

Tim,

Yes, a 90% cash out refinance is available.

Were you referring to a no seasoning refinance? If so, and the property was purchased through a sale rather than a quit claim or sub2, then the answer is still yes.

Of course there are other factors like credit history and doc type which will need to be reviewed.

What has your mortgage consultant advised you so far?

I’d recommend speaking to a nationwide mortgage consultant who specializes in investment loans such as these.

Ben Carmona

import · May 25, 2007, 8:29am

Re: Looking for 90% Cash out Refi - Posted by Tim

Posted by Tim on May 25, 2007 at 08:29:08:

Yes, a no seasoning refi. It’s a duplex and I purchased the property with a new loan at a real cheap price. I am about to rehab it and was hoping to refi after rehab to get the cash out and rent it.

I was told by my mort guy that 75% was the best he could do and that just dosent fit my investment model. This was for a no-doc stated asset loan as well. This is a nationwide firm as well.

My med score the last time I got a loan was 698 and that was about 1 month ago.

Any advice?

import · May 25, 2007, 8:38am

Re: Looking for 90% Cash out Refi - Posted by Ben Carmona

Posted by Ben Carmona on May 25, 2007 at 08:38:44:

My advice is to work with a mortgage planning consultant that specializes in investment loans.

Cash out refinances with no seasoning are absolutely available for investment properties. The misinformed individual is the exact reason why I decided to help investors, most originators dont take the time to study loan programs or look for new lenders. Just like you look for properties, a great mortgage professional will look closely at loan products.

Not sure what you mean by a no doc stated asset loan though. Do you have a 2 year history of being employed in the same field or owning the same company?

How much liquid cash(checking/savings/ 70% of 401k) is seasoned for 60 days? Some lenders require 6 months of reserves while others only 4. What is your desired mortgage payment with taxes/insurance?

Did you buy the property in your personal name or business name? How long do you plan to hold? How long to complete the rehab?

Ben Carmona

import · May 25, 2007, 8:56am

Re: Looking for 90% Cash out Refi - Posted by Tim

Posted by Tim on May 25, 2007 at 08:56:12:

I have a full time job as a computer programmer and have been in the same field for 8 years, I have about 8K in checking and 25K in savings for over 60 days, 13K in 401K for about 3 years.

I bought the property in my personal name, I plan to hold for about 5 years if the refi works out and I estimate about 30 days for the rehab.

I have new renters lined up at $750 and $1050 and I was told by an appraiser that after rehab the duplex should be worth about $185K. I would like to pull out 90% of this amount and would like the payments to be about $100 - $150 below my rents if possible.

Any advice on who to talk to? I am used to working with just the one mort company and would take any advice on who would be good for this.

Thanks,
Tim - VA

import · May 25, 2007, 9:10am

Re: Looking for 90% Cash out Refi - Posted by Ben Carmona

Posted by Ben Carmona on May 25, 2007 at 09:10:39:

Tim,

Unless I’ve missed something I think the person you’re working with has complete misunderstanding of what they’re doing.

Are you planning to use the money that’s in your checking or savings towards fixing up the place? If so how much do you plan to have left when the loan closes?

In my opinion this may be doable as a no ratio loan. Meaning that you have your asset qualifications met but you’ll be disclosing employment history without reference to monthly income.

This site doesnt usually allow for solicitation so you wont find professional mortgage assistance that just jumps right out at you.

I’d suggest using the email feature to contact those on this board who you’d be interested in speaking with.

Ben Carmona