Need to do a non-owner occupied re-fi - Posted by DougO(NM)

Posted by DougO(NM) on December 04, 2000 at 17:56:45:

We are buying a bank repo- it’s a single section MH on a fee simple lot in a subdivision. We are paying cash and after some rehab and installation onto a permanent foundation, would like to do a re-finance and keep as a long term rental. It should appraise for about $70,000.

  1. What are typical lender requirements for length of ownership before a re-finance and pull our cash-out?
  2. What kinds of loans are available and what should I expect to pay for this money?
  3. Can I get 80% ltv?
  4. Does the rental income count towards the debt service?

Thanks for any input

Doug Ottersberg