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Can I get cash-out with a new home loan?

I found a home worth 215k and I wanted to get a cash out of 20k for personal debt and expenses. My credit is around 760, my income is roughly 55k a year and I wanted to get a 30 year fixed rate mortgage. Is this possible? by harry._732_460 from Salem, Washington. Dec 30th 2011 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,930 contributions

You can not do what you are asking.

Dec 31st 2011
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Michael Mullins (MikeMullins)
#51 ranked lender in Pennsylvania - 2 contributions

when did you settle on property?

Dec 30th 2011
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Josh Kostelyk (josh@lendinginseattle.com)
#44 ranked lender in Washington - 9 contributions

Are you talking about cash out on a purchase loan? That's not possible....

Dec 30th 2011
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Edward (Ed) McKee (edmckee)
#21 ranked lender in Oregon - 7 contributions

Typically this is not possible, especially with a 30 year mortgage. With private money it's a different story.

Dec 30th 2011
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Al and Cindy Lane (Al Lane)
#2 ranked lender in Washington - 38 contributions

If this is a purchase there is no loan program out there where you can get cash out on a purchase. My recommendation would be to find a loan program requiring less money down and use what you saved in down payment to help with your debt. If you would like to talk about scenerios give me a call at 360-901-1023.

Dec 30th 2011
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Don McCarty (donmccarty.pfa)
#34 ranked lender in North Carolina - 53 contributions

If you found a house on a short sale, you could end up with positive cash flow off the deal.

Dec 30th 2011
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Paul McFadden (paul.mcfaddenmortgages@gmail.com)
#42 ranked lender in Washington - 45 contributions

You would need to pay cash if it's a purchase (probably with private money-we can help with this) and then you could refinance if the loan-to-value was right where you could take cash out. A few more details are needed from you. Is it a purchase? Are you able to get a great buy on the property where you might have instant equity? You're welcome to contact me if you think this would work. Thanks!Paul

Dec 31st 2011
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

There are no lenders willing to loan you more than the purchase price, and unless you are a veteran or purchasing a USDA qualified home, you must put at least 3.5% down to qualify for an FHA loan. But you will not be able to find a lender willing to do what you are asking.

Jan 2nd 2012
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