cash out investment property TX

tinomax · Joined: 11 Jan 2008 Posts: 1 1.33 Dollars($)

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

larry · Joined: 27 Jun 2007 Posts: 2598 349.41 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: 25 10.19 Dollars($)

Certainly !

lisascherzer · Joined: 04 Jan 2008 Posts: 575 66.11 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: 575 66.11 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.

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