Non seasoned, cash out, refinances ~ Ohio

Im sure somewhere in the vast postings on this site, this topic has been previously discussed, but since I was unable to find it, I will ask it again.

Are there any non seasoned, cash out, refinance programs still available for Ohio? I have good credit, mid score around 660, with a high score of 680 or so. My DTI is a little high, maybe 50% or so. Otherwise, good pay history, with no lates.

Are you looking for stated or full doc?

Either one. Although I assume the days of the stated income loans are about gone.

If you can go full doc then there are several lenders that will allow for the no seasoning cash-out POSSIBLY to 85%. There are many other factors involved such as number of properties financed, reserves, landlord experience, etc…

I understand that. Are there still restrictions on loan amount? Meaning, are lenders still shying away from under 50k loans?

My scenario is buying a single family at a considerable discount around $10,000. Current appraised value of approximate $35,000. I dont necessarily need 85% ltv, could possibly get by with 70% to 75%. Just enough to pay off HML and use extra cash to pay down other debts.

There are lenders that will go that low. It is just a matter of finding a broker that will take the time to help you. How many properties do you currently own? Where in Ohio are you? I am from Toledo Ohio and have someone I could refer you to if your broker can’t or won’t help you.

Im in the Dayton area. I think you and I have chatted before? You live in the Dallas area now right?? Id be interested in the name of the broker you recommend. You can email me offsite if you’d like.


No seasoning cash out refinances are still available for full doc and also stated. If you end up needing to go stated that may be a little trickier. There are very few lenders left doing stated OH loans. 70-75% would work with either.

Like Chris said, there are plenty of other factors. The biggest probably being how many properties you currently own that are financed, who the loans are with, how long you’ve owned them, and the ltvs for all.

There are a handful of lenders that will allow loans under $50,000. Chris hit the nail on the head again with advising that it’s usually harder to find a broker. Most lenders have caps on how much a broker can make and it’s based on loan amounts. Many brokers dont research the lender’s policies close enough so they skip out on these deals which can still be done and offer a fair compensation to them.

Are these properties owned free and clear or are you using hard money?

Did I leave anything out?

If those questions above can be addressed I’ll let you know if the lender I’m thinking of would work out.

PS…getting ready to post a NEW TOPIC…it’s going to be HOT…so keep your eyes open for it.