Looking to cashout refi on a condo

[Venkat Vankipuram]

Hello all,

I own a condo in Scottsdale AZ, that's currently on a seller finance. The current LTV is around 53%

I would like to cash out refi. I need advice and options on how to proceed.

[Sasha Mohammed]

Hi Venkat! 

For starters, how is title held to the property? is it in your name? or the seller's name still?

if in the seller's name still, you will need to be added to title before you can do a cash-out refinance, and typical seasoning requirement will be about 6 months (again, typically). 

If you are on title already, I would suggest you start by reaching out to an A-paper mortgage broker. Full-doc loans (where you provide your W2s and pay stubs, tax returns, etc) often carry the best terms, the lowest rates, the lowest fees. 

If you find that you don't qualify with W2s and tax returns, then i would switch gears to a more investor-focused brokerage who is familiar with investor-specific lending options. These loan types may come with slightly less favorable terms, but they often don't look at your personal income at all for qualifying. 

Best of luck!