Traditional mortgage after purchasing with cash?

Hello guys,

I was wondering if it is very common or possible to get a traditional mortgage on a single family home rental after you have purchased it for cash? I purchased a SFH for $46K+$10K renovations and have rented it out for the last couple years for $800 a month (I live in Northern California). What I would like to do it pull the money out and get a traditional 30 year loan (leaving 20% equity in the property) and use the money to buy another home for cash. Is this possible or even common? Any advise would be much appreciated.

Thank you,



Considering you have zero existing mortgage and you have been renting (Seasoning) your ownership for 2 years you should now be able to refinance with cash out, however I believe the most you will get LTV is 70 to 75% of current value!


Thank you Gold River