Best way to take refinance my equity out of an investment property?

[QHBruin_IHB]

[quote author="stepping_up" date=1217574054][quote author="QHBruin" date=1217563825][quote author="tmare" date=1217552041]When we pulled equity out of our rental, the requirement was that could only take up to 70% of appraised value. Getting a descent appraisal these days can be difficult.</blockquote>


Yes, this 70% is what was told to me at Wells Fargo. To answer my own question from earlier and for people who might want to know, the "cooling off" period refers to the bank's need for a 12 month rental history on the investment property for them to calculate their underwriting. Since my purchase is an REO, I do not have this history and they will not let me refinance thing as an investment property. They will only loan me the money based off the standard debt to income ratio based off of my income.</blockquote>


Wouldn't a one year lease satisfy this?</blockquote>


Nope, they asked for proof of rent deposits.

 

[QHBruin_IHB]

[quote author="tmare" date=1217577088][quote author="stepping_up" date=1217574054][quote author="QHBruin" date=1217563825][quote author="tmare" date=1217552041]When we pulled equity out of our rental, the requirement was that could only take up to 70% of appraised value. Getting a descent appraisal these days can be difficult.</blockquote>


Yes, this 70% is what was told to me at Wells Fargo. To answer my own question from earlier and for people who might want to know, the "cooling off" period refers to the bank's need for a 12 month rental history on the investment property for them to calculate their underwriting. Since my purchase is an REO, I do not have this history and they will not let me refinance thing as an investment property. They will only loan me the money based off the standard debt to income ratio based off of my income.</blockquote>


Wouldn't a one year lease satisfy this?</blockquote>


I believe a completed one year lease would satisfy it, not just the lease agreement. The bank is asking for rental history. The writer says it's a recent purchase. It looks like he or she will have to wait a bit.</blockquote>


oops. I should have scrolled to the bottom before responding to stepping up...



tmare is right about the completed one year lease.