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Refinance your house listed for sale on the MLS
Cash-Out Refinance With Home Listed For Sale –
• Max LTV is 80% up to 2.5 Mil – Max Loan Size 5.0 Mil at 75% LTV
• Up to $5,000,000 cash-in-hand permitted less any mortgage payoffs
• Paying off a non-purchase money 2nd mortgage is defined as cash-out
• No ownership seasoning required but must have settlement statement from purchase
• Source and seasoning required if purchased within the prior 6 months
• Proceeds from cash-out can be used to meet the reserve requirement
• Power of Attorney not allowed for cash-out refinances
• Proceeds from cash out can be used in the asset depletion calculator
• Cash out allowed on properties actively listed for sale or recently listed for sale. Call your AE for pricing.
• Letter of explanation for the use of cash out required
MLS-Listed Florida Properties—Cashout Refinance MLS-listed Florida properties within the last 6 months are allowed but will require a minimum 2-year prepayment penalty.
CashOut Florida Homes Listed For Sale Include:
• Primary Residence
• Second Home (minimal rental income considered)
• Investment Property (non-owner occupied) permitted at a maximum 75% LTV
Florida Cashout Refinance Florida Product Description
The MLS cashout Portfolio ARM is a 1st mortgage adjustable rate loan with principal and interest payments amortized over 30 years. Mortgages for investment properties are amortized over 30 years and have a 15-year balloon.
- 3/1 ARM: Rate is fixed for 3 years, and then every year thereafter.
- 5/1 ARM: Rate is fixed for 5 years, and then every year thereafter.
- 7/1 ARM: Rate is fixed for 7 years, and then every year thereafter.
Florida Properties Listed for Sale or on MLS –
If the subject property has been listed for sale in the last six (6) months, the appraised value may not exceed the listing price unless significant improvements have been made to the property. The appraiser must describe the improvements that have been made and the impact the improvements have had on the property’s value.
All properties that have been listed for sale in the last six months are considered subject to:
• No mortgage lates or past due balloon
• Borrower Letter of Explanation regarding circumstances of sale
• Copy of canceled listing agreement
• Subject to restrictions detailed in Loan Program Descriptions.
Cash Out Refinance While Home Listed For Sale offers nonqm mortgages including bank statement mortgages, 1099, no tax return, voe, self-employed, no income, profit loss, Foreign National, ITIN, No Doc Investor, P&L Coop loans, Cross collateral, pledged Assets
Cash Out Refinance Florida Mortgage – Cash Out While House Listed For Sale Occupancy Permitted
• Primary Residence
• Second Home (minimal rental income considered)
• Investment Property (non-owner occupied) permitted at a maximum 75% LTV
1-4 Unit Residential Properties – Cash Out While Home Listed For Sale
• 1 Unit Residential:
• SFR
• PUD
• Condo
• Non-Warrantable Condo
• Condotel (75% LTV max)
• Co-op
• SFR with Hobby Farm (70% LTV max)
• SFR on over 10 Acres (70% LTV max)
• Unique SFR or Condo (70% LTV max, but may be reduced further case-by-case)
• 2 Unit Residential, 80% LTV max (see Rental Income Section)
• 3-4 Unit Residential, 70% LTV max (see Rental Income Section)
• Mixed use – 1-4 units
