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Updated over 4 years ago,
Agency lending opening up a bit for investors
In early May I started researching rates for cash out on one of my properties only to be told by several that they aren’t doing investor cashout refis but to check back in a month or two.
Recently I found four willing to do the loan but with vastly different terms on a 30yf:
KS State Bank and PennyMac max 65% LTV
Better Mortgage 5.125 with 2 points - 75 days to close. 75 LTV
Guaranteed Rate 4.125 with 2 points - 45 days to close. 75 LTV
None have par pricing available (no points) and there are still many refusing to do them at any LTV or price.
If you’re looking for financing anytime soon I suggest you get locked in before the next round of stimulus goes through. With the renter and mortgage forbearance as currently proposed it is likely Lenders will pull back again. Currently, they are required to advance up to 4 mos P&I plus all taxes and insurance until completion of forbearance.