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Can I refi equity lines on my rental prop with 90% LTV

I only have two equity lines on my rental home that have balloon payments coming due (318k and 40k). I do not have any other mortgage on the home and it is currently rented. I think my credit score is about 670. I have never been late on payments and wells fargo owns the lines and services them. I am employed and made 100k this last year. if I can refi, what types of terms would I be looking at? by lisamariewillett54 from , California. Dec 2nd 2013 Reply


Rob Miller (LenderTimes)
#41 ranked lender in Wisconsin - 13 contributions

conventionally speaking you cannot refinance Investment properties with only 10% equity....There may be hard money lenders who would be willing to refinance you....I would alos check with WELLS directly...since they service your loan....

Dec 3rd 2013
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Robert Hanson (rhanson)
#38 ranked lender in Maryland - 646 contributions

Most likely the previous poster is correct and your best bet is to work with Wells. UNLESS you have a Fannie Mae or a Fredie Mac loan for one of these mortgages. If the 318k is truly a line of credit and/or baloon this is unlikely, but worth checking out. Please see below links to Fannie and Freddie's website where you can check on your own. If you need additional advice or assistance feel free to contact me by email at robhanson@emortgagegroup.com or phone at 240-752-7549.Fannie: https://knowyouroptions.com/loanlookup Freddie: https://ww3.freddiemac.com/corporate/

Dec 3rd 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,588 contributions

The short answer is NO.. If you want to use someone other than Wells Fargo, you wont be able to refi your lines with only 10% equity, using conforming or hard money.. so going back to Wells might be your only option.. however you should probably look closer at your documentation on these lines.. typically, Wells would offer equity lines where you could draw for the first 10 years, but after that, it becomes a fully amortized 20 year loan with an ARM rate. Very rarely did they do balloon payment loans.. 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. William J. Acres, Lender411's NUMBER #1 lender in Arizona. 480-287-5714 WilliamAcres.com

Dec 3rd 2013
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