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#1 by Lakerman at May 5th, 2009
Hi, cash out financing is limited to 75% loan to value, meaning 75% of the sale price or appraised value WHICH EVER IS LESS! So if the sale price is and appraised value is 200 K then you put down 50K and finance 150 K, but at a sale price at 180 K, you only get about 135, (see how it works?) But, you can get a second mortgage for the other debts after closing. After you own the property for one year, then a refi would be based on the appraised value and you could then cash out to payoff existing bills.
#2 by mint94804 at May 5th, 2009
No body will lend you 150% LTV. Your best bet is to buy the house with conventional loan 30 fix and hope to have 2nd mortgage in 6 months time. Even in that scenario, you will get up to 80% of appraised value=$160,000 minus $125,000=$$35,000.
You will probably not get $200,000 appraised value you mentioned, when you apply for 2nd mortgage.
#3 by Real Estate Guy at May 5th, 2009
not going to happen.
#4 by MadMan at May 7th, 2009
You cannot borrow more than a certain percentage of the house appraised value. You therfore cannot do what you propose.
#5 by RED at May 8th, 2009
Your student loan interest rate is probably very low, and to replace that with a higher mortgage loan is probably not the best scenario. You can probably roll the car loan into the mortgage, because that will also help with your loan ratios. But if you try to borrow more than 80% of the value of the house you will get hit with PMI, and that can mount up and to date is not deductible. Everything is appraising for less now. Be sure the appraisal you are looking at is a bank appraisal, not a refi, and is current.
#6 by curse08 at May 10th, 2009
Like the other person said it would probably be crazy for you to roll your student loans in because of the low interest rate but to answer your question, yes you could do it. If you have that much equity in the home you can pull out a HELOC or 2nd mortgage to pay that off. With good credit, reserves and low ratio’s you can probably get up to an 89.99% LTV on a second. Obviously they will have to sign a subordinate clause to remain in second place but you could probably do it. Most banks are only donig 80% LTV but I just recently refinanced my second and paid off my car and I was able to get 89.99% so you should be able to. My suggestion would be to go to a smaller local bank because most large banks and brokers won’t do that high of an LTV.
Oh, someone mentioned doing it in your loan and nobody will do that. There is no way a lender will approve a 13K car and 47K in student loans on the HUD-1 @ closing. It will have to be a post closing second and you may be required to wait 3-6 months depending on the bank.