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Cash out Refi

I am looking to refinance consolidate $11,000 of high interest debt as well as pull out cash. Scores are 650 and 670. Currently have a conventional loan, loan balance 202,000 house approximately worth $275,000. Any options? by nicoledh23116 from Kissimmee, Florida. May 11th 2015 Reply


Carlos Eliseo (carlos_186_486)
#148 ranked lender in Florida - 16 contributions

Try applying for an FHA Loan. It allows up to 85% LTV.

May 11th 2015
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Kenneth Kopper (KenKopper)
#19 ranked lender in Maryland - 542 contributions

There would definitely be options for a cash out refinance on both a conventional loan as well as FHA. The conventional loan would have risk based add ons for both credit scores as well as credit scores with cash out. The lower the credit scores, the higher the pricing adjustments especially with the cash out. Please feel free to contact me and I would be happy to assist you in reviewing the credit report to see if there is someway outside of paying off the $11k in debt, that we could get the midscore up to over 680 at a minimum.

May 11th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Yes... you can borrower up to $233,750, but if you finance $220K or less, you can use conventional financing and wont have to pay mortgage insurance.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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 ONE lender in Arizona. 480-287-5714 WilliamAcres.com

May 11th 2015
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Todd Glassman (Todd Glassman)
#1 ranked lender in South Carolina - 121 contributions

Yes you have options as long as the value is there. You could do a FHA or Conventional. If you are a Veteran there is another option. Have more question please feel free to call John Crivea in my office at 864-907-1089

May 12th 2015
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