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dcarter · Joined: 16 Oct 2010 Posts: 1 1.35 Dollars($)

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

Niicss · Posted: Mon Oct 18, 2010 1:42 am Post subject:

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.

Posted: Mon Oct 18, 2010 6:46 am Post subject: Niicss

Thank you so much for your reply!

Niicss · Posted: Mon Oct 18, 2010 10:17 pm Post subject:

You're welcome, Guest!!! Smile

jburke · Posted: Wed Oct 20, 2010 9:02 am Post subject:

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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