Is anybody getting 75% LTV on cash out refi of a multi unit?

[Tony Salemi]

Trying to do a cash out refi on a duplex. To get to where I want to be, I'm looking for 75% LTV. Fannie/Freddie is 70%. It's like I'm asking for the moon. Even the local banks are no help. What are others finding?

Specifics:
Chicago far west suburbs
Current appraisal: $175K
Current mortgage: $90k
Credit score:800+
Liquid cash on hand: $75K
Personal DTI:<20%
Total DTI not including rental income:<30%

I would think this is a home run.

[Stephanie P.]

@Tony Salemi

It's more like a really long foul ball that hooks just to the outside of the foul pole.  Looks good, looks good and then starts hooking and it lands in some guy's beer.:)  All the numbers look great, but the loan won't get bought by Fannie Mae or Freddie Mac because they limit the ltv on units so it's a no go for conventional financing.

A DSCR loan will go to 75%. They're a little more in interest rate (high 4's) and cost a couple points, but they close and you get your cash. No income verification, no pay stubs. Pretty simple loans that close in 30-45 days depending on the length of time it takes to get the appraiser out there and back.

Stephanie