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Can I get a cash out refinance on a rental property to use as funds for a down payment?

by EStark from Covington, Louisiana. Jan 16th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,588 contributions

Yes... the maximum Loan to Value Is 70%, so your limited, but it can be done.. and you can use those funds for another purchase. Your debt to income ratios have to be in line, and you have to have the necessary reserves in place as well. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jan 16th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

It depends on the type of loan you are trying to get on another property. My suggestion is to search for a local LA broker on www.Lender411.com

Jan 16th 2013
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Jason Guerin (jason@areahomelending.com)
#8 ranked lender in Louisiana - 6 contributions

Yes, you can do a cash out loan on your rental property up to 70% of the value. Those funds can be used to put down on another property as long as you qualify, debt to income wise and credit score for both loans. Jason Guerin / Area Home Lending

Jan 16th 2013
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Jason Guerin (jason@areahomelending.com)
#8 ranked lender in Louisiana - 6 contributions

Yes, you can borrow up to 70% of the appraised value on the investment property (cash out) to be used as down payment on new loan. We just need to make sure you qualify for these loans with credit and debt to income ratios. Jason Guerin, Area Home Lending

Jan 16th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#76 ranked lender in Florida - 2,240 contributions

Absolutely! Most likely won't be able to get more than 70% loan to value. Make sure the added debt doesn't hurt your debt to income ratio as well.!

Jan 16th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

The answer is yes. Looking for direct assistance, feel free to contact me for more information about your situation. Certain restrictions apply to all loan programs, so it would be best to discuss your actual loan scenario in detail to make sure the loan you are looking for is something that you will qualify for and to also make sure that the objective of taking cash out to use as a down payment on a new property is met. Using the same company for both loans would be wise! I can help you directly so feel free to contact me through this site when you are ready!

Jan 16th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Absolutely!! Contact a local lender to go over your specific scenario

Jan 16th 2013
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Emanuel Stewart (estewart)
#23 ranked lender in Louisiana - 1 contribution

Yes you can get cash out of a rental property, however it is usually limited to 70% of the loan value.

Jan 16th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

If you are talking about using the equity in one rental property as a down payment for the purchase on another, you can assuming your LTV and debt ratios are witin the acceptable limits.

Jan 16th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

E Stark -- In Louisiana, NO. Of course you can always turn to risk takers, hard money and private equity......... But your local bank, credit union?? Most likely not. Andrew

Jan 16th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,875 contributions

Sure... People do that all the time. Sit down with a local non-bank licensed loan officer to discuss your exact situation and the loan limits, etc.

Jan 17th 2013
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