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I need a cash out refinance (1st) investment property Ohio

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Icon Mini Profile sajjushah





Joined: 11 Jan 2010

Posts: 2

1.48 Dollars($)
Post Posted: Mon Jan 11, 2010 2:11 pm    Post subject: I need a cash out refinance (1st) investment property Ohio
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Hello there,
I am a real estate investor, owning many properties free and clear. I have 0 mortgages currently.

I need a 1st mortgage (cash out refinance) in Cleveland, OH

I need 6 months seasoning, to go off of appraised value.

Property value is $105,000.

I can go 70% LTV if needed. Need as much as as possible.

Credit score is either 660 or 680.

Full documentation, DTI is probably 15%.

[Personal details deleted as per forum rules. Thanks]
Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

Posts: 4834
Location: New Jersey
508.88 Dollars($)
Post Posted: Tue Jan 12, 2010 2:29 am    Post subject:
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With a credit score of 660-680, you will be able to get a FHA loan. Did you apply for a loan with your local lenders? If not, then you should speak to them in order to check out whether or not you would qualify for a loan. Apart from your credit score, the lender will also look into your income before giving you a loan. Also, you shouldn't have too much of negative items in your credit report while applying for a loan. You can also seek a no obligation free mortgage consultation with the lenders of this community in order to check out if you qualify for a loan.
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Icon Mini Profile sajjushah





Joined: 11 Jan 2010

Posts: 2

1.48 Dollars($)
Post Posted: Tue Jan 12, 2010 9:02 am    Post subject:
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Really? an FHA loan on an investment property? Are you sure that is correct? I didn't think FHA was allowable on investment property.
Icon Mini Profile riseabove





Joined: 09 Nov 2009

Posts: 277

11.01 Dollars($)
Post Posted: Tue Jan 12, 2010 7:28 pm    Post subject:
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sajjushah,

You can get a refi quote instantly online if you like. It'll give you a good starting ground and let you see what your options are quickly and easily. you can also try different lenders and compare them.

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