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Sep 28, 2017 - 34 minute read

Getting a personal loan

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Getting a personal loan

You may need reserves if you want to cash out some home equity. Thats a little ironic, because if youre cashing out equity it usually means you need cash - not that you have all these reserves getting a personal loan around. And Fannie Mae makes it very clear that you cant be taking cash out because you need the money.

cash proceeds from a cash-out refinance transaction on the subject property, say the guidelines. You may also need reserves for a primary residence if your credit score is below 660 or your down payment is on the small side. This is not universal, however - if Lender Smith kicks you to the curb, Lender Jones may put down the red carpet. It pays to shop. Calculating Reserve Requirements.

Getting a personal loan

Once selected, they perform a full appraisal of the subject property to determine its condition and its value. The appraised value of a home is determined by using a combination of the assessment of the property itself and also by the recent value of comparable properties (comps) in the same area.

Conventional mortgage loan requirements call for at least three comps to the subject property. For the property to qualify, the appraised value must return greater than or equal to the minimum loan-to-value getting a personal loan for the desired conforming loan program.

Minimum LTV requirements for conforming loans are between 80 and 97, depending on the program and mortgage getting a personal loan requirements. What types of property are eligible. Depending on the specific program, conventional mortgage guidelines allow you to purchase warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences.

Conventional loans can be used to finance primary residences, second homes and investment property too.

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