Posted by James (FL) on July 03, 2003 at 15:52:14:
Are you trying to get exta cash out, or just the amount to cover the HML? Were there repairs done? If the repairs were major, then most lenders will loan you money based on the appraised value. If not, then the refi will be based on the purchase price. (Usually BAD News). However, there are exceptions to this rule. If your credit is good enough, you can get 80 - 90% refies on NOO with no seasoning and stated income so you dont have to prove income. Try Allied Home Mortgage. They are investor friend here in my area. They may have a branch in yours.