Traditional mortgage after purchasing with cash?

Financing, Hard Money Lenders, Private Money
1

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,

jsh700r

2

Hi,

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!


              GR
3

Thank you Gold River