I want to do a cash out refi for a rental in TX. I haven’t been able to find anyone who can do it. They all say they can and then it turns out they can’t. The title is held in a corp. name and although it has been owned for 2yrs. it would have to be transfered over to a personal name for the refi that would result in a seasoning issue. I need to go stated, my fico score is 695. Looking for about 70% LTV. Recent appraisal for $72k.
Can this loan be done these days??
I just want to know one way or the other as I am considering selling the property if I can’t refi it but I don’t want to list it on the MLS until I know for sure or else I won’t be alble to do it for another 90 days.
Anyone have any input in this?? Has anyone done a refi like this lately??
It is not that the lenders you are talking to say they can do it and then they can’t. It is that you do not tell the whole story, you refuse to explain the details of your employment, you refuse to take phone calls, etc…
As someone who has reviewed your file what you need to do is quit trying to do deals until you get yourself on solid ground. Because based on the file I reviewed you are not even close right now. Sorry to be the bearer of bad news but at this point after ALL of the brokers you have spoken with have not been able to get this done; it is not the broker or the deal it is you.
lenders wont do a cash out refi in TX due to Tx law
I think you may be a bit confused. In Texas OO can get cash out up to 80%, and NOO can THEORETICALLY go to 90%. Although you have to be very strong to get to 90%.
No i am not confused this is what every lender tells me that i have tried to use for a cash out refi in TX
Then it is your lender who is confused. Cash-outs are very much alive and well in Texas. I am closing on a NOO property cash-out this week.
Yes, these deals are still available, but not for long–Freddie Mac changed their guidelines to not allow refinances for properties held in an LLC/INC within the last 6 months. Fannie Mae to follow soon.
For some reason I didn’t get an e-mail of these responses…hmm… Christopher I read your post and I gave you all the information you requested but you said that you could do a no seasoning, cash out refi but then said I had to have a years worth of mtg. payments or you couldn’t do the loan. This just doesn’t make sense. If your doing no seasoing theoretically you could have owned the property for 1 day and therefore should not need to show any payments on the property. Am I missing something?? If its not the brokers then why can’t I qualify no seasoing? I have a mid fico score of 755 and I have very little debt and equity in the property.
“Investy” I recall throwing a few emails back and forth with you and you mentioned you could not go full doc. So a no seasoning cash out refi on investment is not going to be possible.
I believe what I was asking for was any mortgage history. Not 12 months on this property. You have zero mortgage history, very little reserves, and your 755 FICO equates to a couple of on time credit card payments on two open tradelines. You are not going to find a loan under your current circumstances.