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need$
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 Posted: Wed Apr 08, 2009 1:31 pm Post subject: Need to cash-out of free & clear investment property |
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I'm unfortunately in Texas. I keep hearing conflicting answers. Wells Fargo offered 10% interest rate on cash-out, but insists that 80% rule applies. I use to work for Countrywide in the 90's and we did investment cash-outs up to 90%. Now Countrywide is saying that you can't do cash-outs on investment property at all. Anyone know the answer?
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 dlackey
Joined: 05 Jan 2009
Posts: 9
3.77 Dollars($)
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| Posted: Wed Apr 08, 2009 9:17 pm Post subject: Cash out on investment property |
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| You can refinance an investment property with cash out in Texas. The maximum loan amount can be 80% of the value of the property per state law. For the best rate, you need to remain at 75% of the value of the property. |
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savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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| Posted: Thu Apr 09, 2009 4:23 am Post subject: |
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Hi
I haven't heard that an investment property cannot be refinanced in Texas. A cash-out refinance on an investment property is very much possible, as far as I'm aware of. However as per the Texas A6 laws, you cannot refinance more than 80% of the property's current appraised value. |
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