Posted on: 16th Oct, 2010 09:54 am
i am in the process of refinance and need to confirm some information. i am told i can only get 70% cash out instead of 80% on a conventional loan because i had my home on the market less than 90 days ago. is this true in arizona? i am being advised to refin fha instead of conventional, then buy conventional, but the costs seem too high, any suggestions
I haven't heard of any such rule in Arizona. Moreover, in order to refinance the mortgage, you don't have to list the property in the market.
Thank you so much for your reply!
You're welcome, Guest!!! :-)
Hi Dcarter,
It has nothing to do with where you or the house is, it's probably a Fannie Mae/Freddie Mac guideline or lender overlay because your home was on the market in the last 90 days.
The main thing that lenders are concerned with is you pulling cash out and then bailing on the home since you couldn't sell it.
I'm checking with a few of my investors to see if you can hit 80% on a conventional loan. I'll let you know as soon as I hear back.
It has nothing to do with where you or the house is, it's probably a Fannie Mae/Freddie Mac guideline or lender overlay because your home was on the market in the last 90 days.
The main thing that lenders are concerned with is you pulling cash out and then bailing on the home since you couldn't sell it.
I'm checking with a few of my investors to see if you can hit 80% on a conventional loan. I'll let you know as soon as I hear back.