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cash out refinance on investment property

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Icon Mini Profile susan100





Joined: 19 Jun 2008

Posts: 2

1.77 Dollars($)
Post Posted: Thu Jun 19, 2008 12:32 pm    Post subject: cash out refinance on investment property
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Full doc credit score 700
65% LTV
Own 11 investment properties total
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10148
Location: Nevada
941.94 Dollars($)
Post Posted: Thu Jun 19, 2008 9:28 pm    Post subject: RE: investment property cash out refinance
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Hi Susan,

Welcome to forums.

Your credit score looks good enough to help you qualify for the full doc loan. Moreover, you aren't asking for more than 65% LTV. But do you want to take out a cashout refinance on one particular property or is it about 11 such properties?
Icon Mini Profile larry





Joined: 27 Jun 2007

Posts: 3322

474.67 Dollars($)
Post Posted: Fri Jun 20, 2008 1:32 am    Post subject:
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Hi Susan,

Welcome to forum,

I have to agree with James that your credit score is very good to get approve with better rates and terms. Have shopped for lender? If not then you should go for it.

You can even request for
no-obligation free mortgage quote form the community lenders with minimum details like your name, address, loan amount, zip code, phone no etc.

Hope someone will help you out.

Best of luck,
Larry
Icon Mini Profile susan100





Joined: 19 Jun 2008

Posts: 2

1.77 Dollars($)
Post Posted: Fri Jun 20, 2008 6:44 am    Post subject: cash out refinance on investment property
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I would like cash out on two of the eleven I own. I purchased free and clear the two and did some re-hab and now I want to recoup the rehab cost however the only lender I found is offering an option ARM and I don't want that.

Thanks for the suggestions.
Icon Mini Profile charlesarmbruster
charles.armbruster
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Joined: 12 Oct 2006

Posts: 169
Location: Chandler, AZ
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Post Posted: Fri Jun 20, 2008 11:51 am    Post subject:
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I'd be happy to discuss options to option arms with the scenario you've described -- what State are you in, please?

You can private message or email me. Thanks!

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Chuck Armbruster
Phoenix, AZ

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Icon Mini Profile chrisburns
chrisburns
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Joined: 13 Nov 2007

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Location: Florida
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Post Posted: Mon Jul 07, 2008 6:36 am    Post subject:
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I assume you do not have 12 months title seasoning on your rehab properties your looking to cash out on?
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Post Posted: Thu Jul 10, 2008 8:51 pm    Post subject:
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Fannie and Freddie guidelines allow for a max of 10 financed properties. how many of the 11 you own?
Icon Mini Profile evolovik26
evolovik26
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Joined: 15 Aug 2007

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Location: Minneapolis
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Post Posted: Fri Jul 11, 2008 9:41 am    Post subject:
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If you only going to 70% LTV, full doc there should be no problem. Contact a reputable local broker and you will get this done.
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Eugene Volovik
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Countrywide

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