For those who have been looking for cash out refinances to pay off bills or second mortgages, the options have been pretty slim over the last few years. Conventional financing limits cash out refinances to 80% of a home's value and FHA mortgages provide an 85% limit. Recently a 90% loan to value (LTV) product has emerged that enables customers to tap into a larger percentage of their home equity and not pay any mortgage insurance!
Benefits and Highlights of this Program Include:
- Loan amounts up to $800k
- Purchases or refinances available
- No mortgage insurance required regardless of LTV
- Cash out to pay off all mortgage debts, without an increase to rate
- Cash out for debt consolidation (max $20,000 of non-mortgage debt)
- 740 minimum credit score (85% LTV down to 720 credit score)
- Rural properties, large acreage ok
If you are considering taking cash out of your property it may be worth it to give me a call about this program to see if this program will benefit you.