Educate Your Borrowers To Consider a Cash Out Refi
Now is a great time to educate your borrowers on the benefits of a cash out refinance. This loan allows your clients to refinance their current mortgage and tap into their home equity. Benefits potentially include a lower mortgage rate and using home equity to get long term financing for home improvements, education, a down payment for an investment property or funding a business.
The Mortgage Bankers Association reports that rate and term refinance applications are decreasing each week so far in 2021. But you can use non-QM to keep your cash out pipeline full. Just work with a lender who has the right lending products to get it done.
Cash Out Refinance Guidelines
- Up to 80% LTV with 700 credit score or up to 75% with a 660 credit score
- Loans up to $3 million
- Full doc or Bank Statement (business or personal account)
- No Income Investor Cash Flow (ICF) for investment properties, up to 75% with a 700 credit score
- Owner-occupied, 2nd home, or investment properties
- Cash in hand $500,000 OO & 2nd Home and NOO $300,000
(These are Angel Oak guidelines, some states have different limitations.
Please discuss your specific state’s guidelines with your account executive.)
For more information, contact me today or visit www.angeloakms.com
ANGEL OAK MORTGAGE SOLUTIONS