Compare Mortgage Quotes

tinomax · Joined: 11 Jan 2008 Posts: 1 1.61 Dollars($)

Can I do a cash out loan on an investment property in TX

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Tinomax,

Welcome to the forum.

I think you are talking about cash out refinance. You can be able to do cash out refinance on an investment property in TX. Just shop a bit and if you get best rate and term, you can do it.

Feel free to ask if you have any further questions.

Best of luck,
Larry

shayneroy · Joined: 12 Nov 2007 Posts: 51 21.08 Dollars($)

Certainly !

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

Yes, 80% is the maximum lenders are allowed to lend based on the value of the property.

ezmortgageloanz · Posted: Sat Jan 12, 2008 5:00 pm Post subject:

There are few things you need to be concerned with/aware of during your hunt for a lender:

- You will need to go FULL DOC if your credit score is below 720.
- You might be able to go STATED/VERIFIED if your credit score is equal to or greater then 720.
- The majority of NOO lenders require title seasoning of 12 months (unless you can secure an agency approval).
- The majority of NOO lenders will require no more then 10 properties owned/vested to qualify (this is also an agency guideline).
- FNMA (Fannie Mae) guidelines will not allow a LTV beyond 75 for cash out refinances.
- There must be contiunity of obligation in order to qualify.
- You will be required to have a min. of 6 months PITI in cash reserves in most cases.
- The property will be required to positive cash flow in order to qualify.

Hope this helps.

Regards,

Scott Miller

ckalvesmaki · Posted: Sun Jan 13, 2008 8:48 am Post subject:

EZ.....gonna disagree with you.....not all lenders are following fannie ALT-A guidelines.......There are lenders that will do stated with scores down to 620 and about the same ltv as fannie......in other words there are other options.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

I disagree also with these items posted:

- You will need to go FULL DOC if your credit score is below 720.
- You might be able to go STATED/VERIFIED if your credit score is equal to or greater then 720.
- The majority of NOO lenders require title seasoning of 12 months (unless you can secure an agency approval).

You can go stated income with a credit score under 720 and Fannie Mae does not require 12 months seasoning which represents the majority of lenders.

Guest

Have a client that owns over 20 properties, s/f and multi, he is looking at doing a cash-out on four of them or if this is not possible of selling four of them to his partner. His scores are not in the 600's but he has excellent income and rent rolls, the person buying them if it goes this way has good scores but has to go stated or bank statements any help is appreciated. "katherine.sepelak@candormortgage.com"

[Link deactivated as per forum rules. Thanks.]

jameshogg · Posted: Mon Jan 26, 2009 12:36 am Post subject:

Hi Kathy,

If the person who owns the property does not have a good credit score, then he/she will not get approved for a refinance. In that case, selling the properties will be a better option. However, keeping in mind today's market situation, the lenders are not ready to give stated income loans. However, your client can sell the property if anyone with good credit score is interested to buy them.

Thanks

Guest

I have a borrower who has a primary home and an investment property.
He is VA Refinance Streamline his primary home. He wants to refinance and get cashout on his investment home. My questions is can he refinance and get cashout on his investment home. The property is in TExas. Is it true that no one can cashout on their investment home only their primary homes? Please advise. AEmmite .. Loan Officer .. Texas

savior70 · Posted: Wed Apr 08, 2009 3:29 am Post subject:

Hi

As far as I'm aware of, one can surely get a cash-out refinance on an investment property, provided one fulfils other eligibility criteria like credit score etc.

Guest

How Can I refinance 6 Investment properties not including my primery home....Fannie Mae and Freddie Mac will only let you do 4. Is this true beacust I am stuck because I can not refinance

jerry · Posted: Sat May 23, 2009 4:55 am Post subject:

Hi Contect US,

Fannie Mae or Freddie Mac may not allow you to refinance 6 investment properties, but have you contacted any other lender? They may allow you to refinance all of your 6 investment properties together. However, you will have to pay interest at a rate higher than the current rate. If you are ready to pay that much extra, there are some lenders in the market who may help you refinance your 6 investment properties.

Thanks,

Jerry

Guest

I am reading you postings and this is what I am understanding. In order to get a cash out refinance loan I must have more that one investment property and good credit score here in Texas. Right?

jenkin7 · Posted: Wed Dec 09, 2009 12:40 am Post subject:

Hi Dee,

You need to have a good credit score in order to do cash out refinance on your investment property. A good credit score is a must to qualify for any new loan in this market. However, it is not true that you need to have more than one investment property to do cash out refinance. If you have one investment property and there is equity in it, you can refinance. However, you can do cash out only up to a limit of 80% LTV in Texas.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours
1, 2 Next
Page 1 of 2

Compare Mortgage Quotes

cash out investment property TX