Refinance Options

Conventional mortgage loans offer borrowers the following options:

No Cash Out Refinance

• 97% on SFR Primary
• 95% on 204 unit Primary
• 90% on second home
• 75% on investment

Cash out refinance

• 80% LTV on single family / 75% on 2-4 unit primary residence
• 75% on second homes
• 75% on single family investment, 70% on 2-4 unit

Mortgage Insurance is required on all LTV (loan to value) over 80%.  May be some seasoning requirements, but in most cases we will use a new appraisal based on market value

 FHA mortgages have a few different refinance options:

No Cash out:

• 97.75% on qualifying refinances, primary residence only
• no LTV restriction on Streamline refinance, available for all occupancy types

Cash Out:

• 80% LTV for 1-4 unit primary residence

FHA refinance loans have the following:

• Min 500 credit score
• all loans require mortgage insurance
• Must be under FHA County Limit
• if it has been 6 months since purchase, a new appraisal will be used to determine value.
• No appraisal on Streamlines

Just like purchase loans, VA refinances are only available to eligible veterans 

No Cash out: loan being refinance MUST be an existing VA loan

• 100% LTV for credit qualifying, Primary residence only
• 100% ltv for IRRRL streamline, no appraisal needed, available for SFR, 2ndhome and Investment

Cash Out:

• 100% LTV. It is worth noting that most lenders will go to 90% cash out only. 
• Any non-VA to VA refinance, regardless of if cash will be received at closing, is considered a cash out. 

USDA only offers a No Cash out refinance option.  To Qualify:

• Current first mortgage must be a USDA loan
• It must be a minimum of 12 months since you closed on existing loan
• You must still meet income limits
• No appraisal is required

With the wide variety of Jumbo Programs, the specific LTV guidelines may be unique to the property. 

No Cash Out:

• 80-90% LTV depending on the program and loan amount for Primary SFR
• Some programs at higher loan amounts have significantly lower LTV ratios.
• 65-75% LTV on Second Homes and Investment properties

Cash Out:

• 80% LTV on most primary residence, some may be lower at larger loan amounts
• 60-75% for second home and investment properties. Larger loan amounts may have lower LTV

Reverse mortgage loans can be done to pay off an existing mortgage on your property with a reverse mortgage that requires no Monthly principal and interest payment as long as you live in the house. Some unique features:

• You can choose a lump sum or HELOC style cash out
• Some offer a guaranteed appreciation and increase your line 
• Program eligibility depends on the age of all borrowers 
• These loans can be a fantastic way to keep some cash in your pocket and still live very affordably.