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Does fannie mae have a cashout refi loan program

My mortgage is fanie backed and 65% loan to value. I need to take out the equivalent of 10% home equity. Fico is 712 by dr.aniyah563472 from Madison, Wisconsin. Feb 9th 2015 Reply


Ritchie Baumann (Ritchie)
#28 ranked lender in Wisconsin - 28 contributions

Hi,Yes, you can do a cash out refinance loan. My office is on the beltline at south towne drive. Would you like to plan a time to talk to know more about you options? 608-227-2005 Ritchie@trustprovidence.com

Feb 9th 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#29 ranked lender in New York - 2,236 contributions

As long as your debt to income is 45% or below and your loan to value is 80% or less you shouldn't have any problem with a Fannie Mae backed mortgage program

Feb 9th 2015
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

The simple answer is yes, as long as you meet all the qualifications for a refinance.

Feb 9th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,802 contributions

Yes.. you can go as high as 85% Loan to value.. you will however have to meet all other eligibility qualifications to obtain financing.. but a 75% LTV cash out is allowable.. 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

Feb 9th 2015
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Melvin List (melvinlist)
#144 ranked lender in Florida - 124 contributions

Yes, Fannie and Freddie offer a cash out refinance. I only lend in Florida!

Feb 9th 2015
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Mandy Fritsche (mortgage.mandy)
#35 ranked lender in Wisconsin - 20 contributions

Yes, you are able to do a Cash-Out Refinance up to 80% of the homes appraised value! If you would like to discuss your personal situation in more detail please contact me. Sincerely, Mandy Fritsche, Prospect Mortgage, Mortgage Loan Officer, NMLS# 557211262-327-5700 Cell, 877-868-9198 Fax, mandy.fritsche@prospectmtg.comwww.MyProspectMortgage.com/mfritsche

Feb 9th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Sure, depending on qualifications and lender overlays you can go as high as 85% of the home value. It's an entirely new application and qualifying so it does not matter whether you currently have Fannie or Freddie.

Feb 9th 2015
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Yvette Jenkins (Yvette)
#39 ranked lender in Wisconsin - 21 contributions

You may have a few options for the cash out that you are looking for. You will want to look at refinancing your current loan and taking cash out against just taking out a home equity loan. Your final decision should be based off of the current rate you are paying on your existing mortgage and the closing cost difference between refinancing and taking out a home equity loan. Johnson Bank has many different lending options to choose from and I would be more than happy to assist you in which lending options would be best for your situation. Yvette Jenkins, Johnson Bank. yjenkins@johnsonbank.com or 920-225-5534. NMLS ID 455918

Feb 9th 2015
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