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Lending Guidlelines
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cash out refinance
"Libor loans are generally more aggressive for cash out than conventional loans" stated mortgage banker Martin Brown in a recent interview. After doing our research we have to agree! One of the most frustrating scenarios for some consumers is when you own a home free & clear lenders are reluctant to give you more than $250,000 or $500,000 in cash.
Not anymore, we have reviewed lenders who have unlimited cash requirements as long as you fit the program guidelines. Imagine receiving $2,000,000 in cash with a single loan. Sounds easy enough but it's not. Anyone who has a loan this size can tell you how difficult it is to find a lender. Below are highlights of some programs available to SINGLE FAMILY RESIDENCES. This information does not represent an offer to lend and should only serve as a tool for viewing some available programs in today's marketplace. To learn more about the "Interest-Only" programs for your unique scenario please contact a mortgage professional in your state .
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CASH OUT REFINANCE
LIBOR / "INTEREST-ONLY" LOAN-TO-VALUE MATRIX
(should be used as a reference only - each lender has different guidelines.
Not all products are available in all states)
LTV = Loan to Value
CLTV = Combined Loan to Value
(Total of all Liens - 1st, 2nd, Home Equity Line etc...
also known as TLTV - Total Loan to Value)
Assumptions: Full Documentation for Income and Assets, New Home Purchase, Single Family Residence, Acceptable Credit and Employment History and other standard underwriting guidelines for US citizens.
For a Purchase or Rate and Term Refinance Loan-to-Value Matrix please click here
* Investment properties are limited to only some of the products listed.
Contact a mortgage professional for more info. *
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| Loan Amount |
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First Mortgage
Loan to Value (LTV) |
Total Loan to Value (CLTV) |
Second Home |
Investment |
| Up to $400,000 |
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90% |
100% |
95 / 100 % |
85 / 90 % |
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For a Purchase or Rate and Term Refinance Loan-to-Value Matrix please click here
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| $400,000 - $650,000 |
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90% |
100% |
90 / 100 % |
85 / 90 % |
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| $650,000 - $750,000 |
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80% |
100% |
80 / 100 % |
80 / 90 %
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| $750,000 - $1,000,000 |
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80% |
100% |
80 / 100 % |
80 / 90 % |
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For a Purchase or Rate and Term Refinance Loan-to-Value Matrix please click here
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| $1,000,000 - $1,500,000 |
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75% |
100% |
75 / 100 % |
75 / 90 % |
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| $1,500,000 - $2,500,000 |
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70% |
100% |
70 / 100 % |
70 / 90 % |
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Over $2,500,000
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70% |
100% |
70 / 100 % |
70 / 90 % |
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Learn how to Calculate Interest Only Loan Payments
Please note that this information should be only used for reference and is not an offer to loan at the published guidelines. Each lender will define their own unique underwriting guidelines which may or may not be equal to the ones above. Interest Only Loans reviews information provided by mortgage lenders and has created this section to provide potential mortgage applicants only with a general idea of what loan programs may be available. The final details of any loan offering can only be made by licensed mortgage lenders, brokers, bankers and other institutions/individuals with the authority to do so. In addition, not all lenders offer the same programs in all states. Certain risks are associated with any kind of adjustable rate mortgage. The information contained in this site should be used only for reference. Before entering into an agreement with any financial institution please consult your financial planner, accountant or any other person who is familiar with your financial profile for further information. For more information on the terms and conditions of this website and the use of information contained please visit our legal section by clicking below.
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