What is the Maximum Cash-Out Refinance on a Free and Clear SFR?

[David Galan]

Does anyone have EXPERIENCE with the maximum amount of money they can pull out of a free and clear owner-occ SFR on a cash-out refinance? The house is in Bremerton WA worth about $250,000. Assume good debt-to-income and 740 credit score with a foreclosure in 2012.

If BiggerPockets allows, can you refer me to your lender.

[Harry Metzinger]

@David Galan, I do not have direct experience w/ a cash-out refi, but I can tell you that per Fannie Mae, the most you can pull out for a cash-out refi on your primary residence is 80% LTV, and the most you can pull out for a cash-out refi on an investment property is 75% LTV. This is assuming you are refi'ing into a fixed rate mortgage.

Visit https://www.fanniemae.com/content/eligibility_information/eligibility-matrix.pdf for more information