urgent: need refi on single tract w 2 addresss

[bourgogne]

hi, nfcu just shot me down.  bad.  tract has 2 addresses and 2 homes on it with separate addresses.  want to pull out $650K @ 30 years.  lot value is 2-3x that but again there are 2 dwellings on the properly.  Thank you!

[ShanetheMortgageMan]

Sounds like it might be a 2-unit property/duplex.  Does NFCU do 2-unit properties?  If they don't, then that might've been the issue.

How many gas meters are there?

Was an appraisal done?

Doing a cash out refinance on a 2-unit property up to 70-75% LTV is pretty common.  Before you get too far, confirm that the lender can do 2-unit properties.

[bourgogne]

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@ShanetheMortgageMan wrote:

Sounds like it might be a 2-unit property/duplex.  Does NFCU do 2-unit properties?  If they don't, then that might've been the issue.

How many gas meters are there?

Was an appraisal done?

Doing a cash out refinance on a 2-unit property up to 70-75% LTV is pretty common.  Before you get too far, confirm that the lender can do 2-unit properties.

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nfcu does not, that is the reason for my post.  its a 2 meter property, think farm except this is in 90210.  I need a lender that does this sort of thing, that is the reason for my post.  thx

[ShanetheMortgageMan]

As long as your credit, income & reserves check out then shouldn't be a problem to get it accomplished.  Just be upfront about the type of property to help eliminate going down the wrong path again.

Wasn't aware of any farms in Beverly Hills, unless you are referring to the restaurant.