Posted on: 14th Jan, 2009 03:01 pm
2fam in Queens, NY. Owe 485k. Value approx 630K. Purchased in 2004. Currently 2mtgs (5/1 io @ 5.125 ~397k) + (i/o HELOC @4.5%~88k). Property is fully rented and getting 3600/mo. Taxes =$900/yr. Ins.= $1000/yr.
Also have a primary residence. SFR Passaic, NJ -Purchased 4/08 @ 520k. currently worth 575k (as per zillow and extensive improvements). Owe 494k. Only 1mgt (7/1 ARM w/ p&i 40yr amort.). Taxes 11.4k ins. =$600/yr.
Documented income is 160K (myself and spouse). However, lowest middle credit score is 640. Not from late pmts, but from outstanding revolving debt.
Willing to do either property - prefer the investment property b/c 1st mtg matures in 2010. Either way, I need 45K cash-out. Any advice????
Also have a primary residence. SFR Passaic, NJ -Purchased 4/08 @ 520k. currently worth 575k (as per zillow and extensive improvements). Owe 494k. Only 1mgt (7/1 ARM w/ p&i 40yr amort.). Taxes 11.4k ins. =$600/yr.
Documented income is 160K (myself and spouse). However, lowest middle credit score is 640. Not from late pmts, but from outstanding revolving debt.
Willing to do either property - prefer the investment property b/c 1st mtg matures in 2010. Either way, I need 45K cash-out. Any advice????
i have a lender that will do the deal on the investment property, but you would have to refinance everything. then you will also have quite a few rate hits for your credit score, multi family investment, ltv being about 85%, pmi, etc it would not be worth it. you cannot do it on your primary residence either because you would be at a 98 ltv
Hi picture,
As far as I know, cash out refinance on investment properties are available. You can speak to your current lender and check if he is offering you the option of cash out refinance. If your lender does not offer so, you can speak to the other lenders of your area and see if they are offering you a cash out refinance or not. Before you go for a refinance check out the terms and conditions of the deal and see if you will be able to afford it or not. You can even speak to the lenders of this community and get a no obligation free mortgage consultation from them. This will help you in knowing the rates and terms you can get. You will also be able to know the market rates and terms.
Thanks
As far as I know, cash out refinance on investment properties are available. You can speak to your current lender and check if he is offering you the option of cash out refinance. If your lender does not offer so, you can speak to the other lenders of your area and see if they are offering you a cash out refinance or not. Before you go for a refinance check out the terms and conditions of the deal and see if you will be able to afford it or not. You can even speak to the lenders of this community and get a no obligation free mortgage consultation from them. This will help you in knowing the rates and terms you can get. You will also be able to know the market rates and terms.
Thanks
