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Looking to combine 2 mortgages into 1 on a rental property in Texas. Combined mortages are $69,405.72 House was appraised at $107,000 at the end of 2014.

by nosajcl22375 from Fort Huachuca, Arizona. Jan 12th 2015 Reply


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

You should be able to do a cashout refi up to 70% ltv without a problem as long as your credit scores and debt to income ratio are in line with guidelines

Jan 12th 2015
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Linda Wintersteen (Linda123)
#64 ranked lender in Arizona - 1,250 contributions

HELLO FROM AZ!! Yes, that should not be a problem. .Who is your lender? How is your credit and income ?? you can call me at 602 330 1598 or my email is yourloanpartnerforlife@live.com Linda I live in the white mts of AZ..

Jan 12th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

This can be done and you would use a "Cash Out" refinance to accomplish it so long as you meet all eligibility requirements.. 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

Jan 12th 2015
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David Bailey, MBA (dbailey@westloan.com)
#222 ranked lender in Texas - 19 contributions

I think part of the question may be with regard to the Texas A6 Cash Out laws. Those cash out limits only apply to your homesteaded property and since this is an investment property you will have no TX issues. You will be guided by FNMA and FHLMC Non-Owner Occupied cash out rules, which is very general terms would be 70% of the appraised value of your home.Also,were these 2 mortgages taken out at the time of purchase or was the 2nd taken out later? If they were both purchase loans then you could combine them into 1 loan as a rate and term refinance which would give you a little more room on the LTV (loan to value). -DB

Jan 12th 2015
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