Refi Cashout To 90% In A NOO-Stated
I have a borrower who bought a property below market value for 110,000. He's put 40,000 into it and has now appraised for 196,000 with comps in the immediate area. He wants to refi based off the new appraised value, but has only owned the house for 2 months. Any insight on how to get this done would be great.
Stated refis are credit based. Is this their problem, low credit score?
[addsig]
the credit score is fine, I'm having trouble finding a lender who will allow cashout out refi based on the new appraised value with only 2 months seasoning on title. Keep in mind this is a non oowner occupied property.
If you do find a lender to do this the rate will be very high.
I did have a lender who would do full doc to 85% and stated to 75%. But now the will only cash out non seasoned up to the purchase plus rehab cost.
I quite doing loans a few months ago so I have no idea about current programs. But I will be willing to bet that things have gotten tighter.
can you tell me the name of the lender. Keep in mind that this is a Florida property
I was working with Greenpoint on these. But I don't have any idea what they are doing now.
Wall Street thinks that they may be for sale. If that is true they may be changing guidelines to conform with the heard.
Have your broker talk to his AE and find out what they are doing now.