I recently purchased a foreclosed home (non-owner occupied SFH) in the Cincinnati market for 25k cash and I would like to get my money back ASAP.
Even though the market is down I know the property is worth at least 60k, therefore I am looking to get my original 25k and also pull an additional 20k out of the property.
I have called a few Lenders and they have basically stated that they only do .65-.7 LTV for investment properties for the purchase price until the loan has “seasoned (1 year) year”
Is anyone of aware of any possible solutions to my challenge. Even if i only can get my my initial 25k back I will be satisfied.
Also is anyone aware of any lenders that lend in ohio that don’t have a seasoning requirement?
Any help is greatly appreciated.
What type of documentation can you provide. As you may or may not know Ohio has tightened documentation laws quite a bit. While stated income is allowed in Ohio on NOO properties many companies still don’t bother with it. Is the property rented? Another obtacle is your loan amount. I would suggest going to at least 50K. Under 50K is available but there is added cost for a loan amount that small. I would suggest going to at least 50K.
christopher w thanks for your reply.
I can provide any documentation necessary. I have a tenant scheduled to move in Febuaray 1st( already have deposit from them).
Are you saying that you think is possible to achieve my goal of pulling at least an additional 20k out even though i just purchased the property (less than month)?
Yes it is possible. If you can document your income then it is a simple no seasoning cash-out refi.
There are also options up to 75% if you cant document your income.
I dont recall seeing your credit score listed.
Also, how many properties do you own and what were the dates of purchases, ltv, and lenders.
With documentation of income it’s a simple refinance even without the seasoning.