Need cash out refi but don't have a good balance in bank acc, what should I do?

[Hyeseong Park]

Need Cash Out Refi Loan Estimate (LE) without points. But for refi, I don't have a good balance in my bank account. Should I have at least $10,000 to do?

The scenario is this below and it will be owned for 6 months when it is the end of this December.

Here is the scenario. And I want to know if I must have at least some kind of money in my bank to close deals.

-Purchase Price: $59,000 (but I flipped this house after buying it so now it can be worth between 150~160k based on my realtor) . It is in PA.
-Rehab price: $25,000
-Market Rent: $1,200
-Property Taxes: $1,324
-Annual Insurance premium: $1,200
-HOA fees: N/A
-Number of units: 1 single-family house
-Estimated Credit Score: 690-700

I will not hold this house for over 5~10 yrs so need the best option for me.

Thank you!

[Logan Singleton]

Quote from @Hyeseong Park:

Quote from @Logan Singleton:

Hello,

Based on the information provided, it does appear you would be able to cash out refinance and receive funds, but it is very uncommon for a lender to charge no points for any investment type of mortgage. You can request the lender to pay closing costs out of loan proceeds, but you will have to pay for the appraisal upfront via your funds. 

150k @ 75% LTV = 112.5k
Existing Debt = 84k
Estimated Closing Costs = 3k
Estimated Cash Proceeds = 25.5k (this can be used to calculate your reserves)

 Okay. But doesn't the balance matter as I have less than $10,000 (honestly less than $5,000 I have in my bank acc lol)? Or do lenders usually check more market rent than balance if I have tenant? 

If you apply for a DSCR cashout refinance loan, the lender would be looking more at the income the property is bringing in comparison to your projected monthly debt obligation with your loan request. They would also request two months' bank statements to show reserves with a loan of this size. They would like to see three months of PITI reserves, but this wouldn't pay as much of a factor since any cashout proceeds can be calculated towards reserves.