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I am looking to pull out cash from my home. Is there a laximum amount I can take?

by lorenzo600 from Beacon Falls, Connecticut. Dec 19th 2016 Reply


Dotty Owens (do1025)
#25 ranked lender in Connecticut - 17 contributions

Hi Lorenzo, the answer to this questions isn't a quit one. It depends on how long you have owned your home, what type of loan program will fit your needs best, i.e., a Conventional loan, FHA loan, Jumbo loan, etc. and what your credit scores are. It will also depend on your qualifying ratios and the loan to value. Why don't you call me at 1-800-624-2427. My name is Dotty Owens and I'm with Northeast Financial, LLC. I would be more than happy to discuss this in detail with you. You are under no obligation to call and discuss this.

Dec 19th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,279 contributions

This all depends on what you are doing. A standard conventional loan generally allows you to cash out to 80% of today's value. An FHA loan loan allows you to cash out to 85% of today's value, and a VA loan allows you to go to 100% of today's value. Multi-family and rental properties have different rules. Your next option is a stand alone 2nd mortgage (home equity loan). These generally allow you to go to 89.90% of today's value. I suggest contacting a mortgage broker in your own backyard for more information on your individual situation. For home loans in MN, Wi, or SD, visit me at http://mortgage-rochester.net

Dec 20th 2016
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