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