I am looking for a 90% cash out refi on an investment property. 6 mo seasoning. 700 FICO. Stated income. So far I have been able to find mostly 85% ltv.
Good Luck! With the continued squeeze on the subprime markets, the best you will find is 85% LTV, Stated with 6 months seasoning. Going Full Documentation may open a few doors. However, the seasoning issue will hold you back.
Where is the property located? Is it a SFR?
Sorry I meant full doc, the property is located in the Houston area. It is a SFR. Rented, currently.
I have found one 90% so far at over 9% interest rate. Still looking.
Wachovia will go to 85% with no seasoning with pretty decent rates. Once you get above 85% though your rate is going to skyrocket along with your closing costs because the cost to get to 90% is very high. Unless you are talking about a larger loan size that extra 5% may get largely eaten up in extra fees.
90% is available with a 720 sfr and 740 2-4 unit.
Like Chris said, rate will be higher + pmi.
I’m confused, you opened the post indicating 85% was the best you’ve found but replied shortly after that you had a lender at 90%. Who’s the lender at 90%? We’ll let you know whether their puff’n smoke or not.
Puff’n smoke. LOL.