Cash out refinance on sf being rented by room

[Sean Roland]

Hello, I own a single family home in Michigan that is being rented out by the room. Are there any lenders out there that would do a cash out refinance on a property that is being used in that manor?

[Carlos Valencia]

Are you currently living in the single family? 

Assuming your not living there. You could use the leases even if by the room. Keep in mind for investment property cash out refi the max is 75% loan to value. Hopefully you have enough equity to make sure the juice is worth the squeeze. 

If you live there then you cannot use boarder income unless they are another legal unit like a duplex for example. Then you can use the other units rents as additional income but not to offset your current mortgage. Only 75% of the rental income can be used. 

But if you do live there at least you can go up to 95-97% LTV. Depending on the scenario.

@Albert Bui @Matthew Kwan