Posted on: 16th Dec, 2008 09:26 am
I currently have an investment property that appraised in 2007 at $176K, which has a first and second totalling $150K against it.
The financing is 30Y fixed conventional, $126K @6.75% and $23K @9.92%.
Is there anyone who can help me get the whole thing (no cash-out) refinanced at rate close to 5%? It is rented and I have good but probably not excellent credit. (Haven't pulled lately.)
Thanks,
R
The financing is 30Y fixed conventional, $126K @6.75% and $23K @9.92%.
Is there anyone who can help me get the whole thing (no cash-out) refinanced at rate close to 5%? It is rented and I have good but probably not excellent credit. (Haven't pulled lately.)
Thanks,
R
r...your subject line indicated 80% ltv; your text, however, reflects quite a difference. if the 2007 appraisal figure still holds, you are looking at 85%+ ltv.
you may be able to get what you're looking for. FNMA does offer financing at that level, depending on whether it's cash out or not. i would surmise that getting a cash-out refinance would be a difficult thing, but rate/term maybe not so much. a lot depends on credit score, and (of course) the value.
as for 5%, if you're looking for that right now, you'd better plan to come out of pocket. investment property is always going to be more expensive to obtain financing on than is owner-occupied property.
you may be able to get what you're looking for. FNMA does offer financing at that level, depending on whether it's cash out or not. i would surmise that getting a cash-out refinance would be a difficult thing, but rate/term maybe not so much. a lot depends on credit score, and (of course) the value.
as for 5%, if you're looking for that right now, you'd better plan to come out of pocket. investment property is always going to be more expensive to obtain financing on than is owner-occupied property.
George, thanks for the insight!
The 5% rate is a target; I'm seeing 5.5% at the moment, and am just trying to figure out the right way to do this. As you point out, I'm considering bringing money to the table to reduce the LTV.
The 5% rate is a target; I'm seeing 5.5% at the moment, and am just trying to figure out the right way to do this. As you point out, I'm considering bringing money to the table to reduce the LTV.
with recent developments, 5% might not be out of whack at all.