Cash Out Refi

After a property is purchased with cash/HELOC how hard is it to be approved for a cash our refi? Same approval process as a purchase?

Comments(3)

  • NewKidInTown315th April, 2008

    By and large, the answer is yes. Also, the lender may have title seasoning requirements and may have a maximum LTV limit as low as 75%.

    Shop around

  • bargain7615th April, 2008

    Yes, as well as a credit score of 680 +.
    [addsig]

  • ypochris15th April, 2008

    Approval process is similar except that LTV is based on appraised value rather than purchase cost. Although I prefer to keep my LTV below 80% for better rates and no PMI, I have been offered more- although perhaps that is my individual credit situation.

    I have not experienced any seasoning issues, but perhaps that is due to the major rehabs that occured.

    Chris
    [ Edited by ypochris on Date 04/15/2008 ]

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