You'd need to own the home for at minimum 6 months before you would be considered for a cash out refinance.? PLUS, within 12 months of purchase, we lenders will use the lessor of the purchase price or the appraised value to determine the maximum loan amount. You'd need to wait 12 months to use new appraised value. Over and above all of that, 80% ltv for an investment property.... I'm thinking your max is more like 75%. If I can answer any other questions, I'd be happy to help. Best Regards, Kim Lawson, Ohio Licensed Mortgage Loan Originator. Licensing and contact information can be found on my profile.
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