I don't understand LTV. If I'm doing a refi & need to borrow $218k what does my house need to appraise at to be 80% LTV?
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$273,00 is the appraised value you would need to give you a LTV (loan to value) of 80%.
It depends on your loan type, but LTV doesn't have to be at 80% ltv. FHA allows up to 95% ltv on cash out refinances and most conventional loans will allow at least 90%. However if you are above 80% ltv you pay mortgage insurance, and on a conventional loan it can be expensive. (FHA has more affordable MI (mortgage insurance.)
answered 3 months ago
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I am not an expert on this but I always understood that the appraisal had to be equal to or more than the amount of the loan.
If less, you can hopefully make up the amount under the loan amount with cash, or possibly use the appraisal to get the seller down in price.
But these are just things I overheard when I was buying my own house.
Get some more opinions. Try askmehelpdesk
answered 3 months ago
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