Hey everyone... Since I own this website I thought I would give you all a shot at helping me do a refinance on a rental property that I own in Meridian, Idaho. I currently owe $224,500. Value is going to come in around $310,000. I am wondering if I can do a cash out refinance to 85% LTV. I am currently paying $1360 a month (PITI) and I have a renter that pays me $1600 a month to cover the mortgage and make me a small profit each month. My credit score is 712 on Experian.
Can you guys go up to 85% LTV on this rental? Cash out would be to pay off a few credit cards and pay down my auto loan, which will obviously lower my DTI.
What are your thoughts?
I have several options for going up to 80% LTV on a cash out investment property refinance but unfortunately I am unable to go above that 80% mark. If you can make it work at 80% I would love the opportunity to help with this. We are able to do loans in Idaho.