Cashing Out
I have a couple repos that I am rehabbing that I own free and clear,I am thinking about holding on to them for rentals. I quit my job to invest full time, how much throuble am I going to have getting a loan to cash out?Should I try to work with a local bank or one of the big morgage companys?My score is over 700 and I have no dedt. Thanks
With a great credti score you should be able to get a reasonable LTV. Not a great LTV but 70% or higher. I would expect 80% but it starts to depend on the terms of the loan, the type of the property, etc.
John
Both small local banks and Washington Mutual will do this at a 80/20. I am currently doing 2-3 of these a month and just flip back and forth between the two.
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