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Updated over 9 years ago,
Recommendations on FHA cash out refinancing lender
Hey BP community. I am wrapping up renovation on a rental (running out of capital fast!) currently. I had an existing plan but I wanted to run it by the community and hopfully you guys who've done these in the past can point out any blind spots for me.
I'm currently using a combination of my own capital and 0% credit card to fund my renovation on this house. I went that path because I planned for a much shorter and less expensive scope of work at the time.
I plan to cash out refinance the existing FHA loan at a higher price to pull some money out to recoperate from the capital i spent for the renovation.
To put some numbers out there: I owe $98k at 4.7% with 27 years left. City tax assessment is $140k and I know it should appraise for around that or more.
I'm hoping to cash out as much as possible but I know there may be some limitations on it since it is a rental.
One thing that crossed my mind is- Since my existing mortgage is an FHA, does this affect anything now that it is a rental, or is there anything special because it is an FHA?
Can anyone recommend a good lender that are friendly to investors and have a higher LTV?