---

Max LTV for investment property in Washington

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
markcollins Joined: 17 Nov 2010 Posts: 1 1.34 Dollars($)	Posted: Wed Nov 17, 2010 1:43 pm    Post subject: Max LTV for investment property in Washington Like 0 Dislike 0 I purchased a foreclosure at auction and I have spent the past 3 months doing a complete makeover. I have invested a total of $180K, and the property is worth somewhere around $225K. I plan to rent the property going forward. I would like to place a mortgage on the property and pull out $190K - $200K. This would put me at 85 - 90% LTV, and the locals are saying the maximum is 75%. I keep seeing ads on the web for 90% - for investment properties. What is the real story ? Thank you Mark
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Nov 17, 2010 7:47 pm    Post subject: Like 0 Dislike 0 Hi markcollins! Welcome to forums! As far as I know, you will have to put down 20% in order to get a mortgage for the property. Not all lenders will be ready to give you a mortgage of 85% - 90% of the property value. This community has a large number of lenders. You can seek a no obligation free mortgage quote from the lenders of this community and check out whether or not they can help you in this matter. Feel free to ask if you've further queries. Sussane
jburke Joined: 09 Mar 2010 Posts: 90 Location: National 17.46 Dollars($)	Posted: Fri Nov 19, 2010 8:07 am    Post subject: Like 0 Dislike 0 Hi Markcollins, You're going to be limited to 75% max on an investment property because of the Fannie Mae and Freddie Mac guidelines. Even if you lived in the home you would be capped at 85% for a cash out refinance on an FHA loan or 90% on a VA loan. _________________ John Burke Mortgage Banker FHA Loans VA Loans USDA Loans Conforming Loans

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0