90% or 100% LTV Options?
Looking to refi my 1st mortgage (240K Balance), and hopefully cash out (35K). Also have a HELOC of 150K. Current value on house is about 435K, which puts me about about 89%LTV without cash out. Current lender says their LTV cap is 80%, so they cannot refinance without more equity. Do I have any real options elsewhere? Ideally looking to cash out, which would bring my LTV to 97%. Payment history and credit are excellent. Not a Freddie or Fannie loan. Want to stick with a 30 year fixed loan. by vpjosh_701_295 from Leesburg, Virginia. Oct 25th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Not gonna happen... FHA will go 85%, but that's with paying 1.75% upfront mortgage insurance, and 1.25% annual mortgage insurance.. it would be very expensive since you probably don't have any mortgage insurance now... but 97% cash out...Nope!!I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions
No chance to do a cash out of any sort...80% is max.
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
You are not going to find anyone willing to look at the cash out portion of what you are looking for. If the HELOC balance was used for purchasing the home, you should be able to find a lender willing to do a 90% LTV to consolidate the two into one. PMI will be required, though. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions
No Chance at 97%LTV conventional cash out max is 80%LTV and 85%LTV for FHA.
Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions
With the info provided you won't be able to do a conventional loan but possibly via FHA if you can can get a higher value. They allow a Cash out up to 85% LTV but there are some guidelines you will want to talk to a LOCAL Mortgage Lender. Another option is to find a local portfolio lender.
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
I believe the maximum cash out you are going to find is 85% of the current appraised value of the home for both the first mortgage and your HELOC so what you want to do isn't possible through any lender I know of. If the HELOC was only used to purchase the home originally (needs to show on the original HUD settlement statment) you may be able to combine the two into one loan, but not any get any cash out too. pdumouchel@primelending.com direct: 843.619.6025
Mark Simon (mark.simon)
#10 ranked lender in Delaware - 83 contributions
Yes. There could be an option but I need more detail.We would like to help you and do work with a number of people in your area. Mark 800-485-1387 Extension 107
Anthony PapaGiorgio (apapagiorgio@inlandbank.com)
#79 ranked lender in Illinois - 16 contributions
That ltv is too high. You can go up to 85% ltv with your cash out with most of the lenders that I work with. Unfortunately you have too much loan at the current time.
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