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cash out ltv

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Icon Mini Profile dcarter





Joined: 16 Oct 2010

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Post Posted: Sat Oct 16, 2010 9:54 am    Post subject: cash out ltv
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I am in the process of refinance and need to confirm some information. I am told I can only get 70% cash out instead of 80% on a conventional loan because I had my home on the market less than 90 days ago. Is this true in Arizona? I am being advised to refin FHA instead of conventional, then buy conventional, but the costs seem too high, any suggestions
Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

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Location: New Jersey
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Post Posted: Mon Oct 18, 2010 1:42 am    Post subject:
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I haven't heard of any such rule in Arizona. Moreover, in order to refinance the mortgage, you don't have to list the property in the market.
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Post Posted: Mon Oct 18, 2010 6:46 am    Post subject: Niicss
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Thank you so much for your reply!
Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

Posts: 4828
Location: New Jersey
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Post Posted: Mon Oct 18, 2010 10:17 pm    Post subject:
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You're welcome, Guest!!! Smile
Icon Mini Profile jburke





Joined: 09 Mar 2010

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Location: National
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Post Posted: Wed Oct 20, 2010 9:02 am    Post subject:
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Hi Dcarter,

It has nothing to do with where you or the house is, it's probably a Fannie Mae/Freddie Mac guideline or lender overlay because your home was on the market in the last 90 days.

The main thing that lenders are concerned with is you pulling cash out and then bailing on the home since you couldn't sell it.

I'm checking with a few of my investors to see if you can hit 80% on a conventional loan. I'll let you know as soon as I hear back.

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