I’d like some advice about multi-family LTV and interest rates…:
I have a three-family home that is also my primary residence. Closed March of 2013 on FHA 30-year fixed @ 3.25%, current balance $ 261k. My FICOs are 750+. FHA mortgage insurance is $ 270/month (1.35%??). Zillow, likely optimistically, claims the property value is $ 384k.
I need to do serious remodeling/renovation that – along with eliminating or reducing the PMI cost – has me looking at a 30-year fixed conventional cash-out refi. So far I’ve contacted a credit union and my current lender (Wells Fargo). Both have 75% LTV limits on 3-family homes but I really need at least 80% LTV…even if I need to pay some more PMI for awhile.
I’d also like to do this without raising my interest rate too much. When I closed three years ago my FICOs were about 100-points lower, so even though rates have gone up some I’d hope I can keep my rate reasonable…but Wells told me I’d be at least 1% higher even with my better scores.
So, has anyone heard of >80% LTV and 3.5% interest for decent credit in 2016’s market?
Thanks in advance!!!