Another cash-out refinance question
We have been planning on building a garage with apartment above on our lot. It's zoned to allow 2 units. Back in the day, we had a HELOC with plenty available on the line of credit to pay for the construction (approx. $100k). That was pulled last year. With a current appraisal of approx. $700k, and current 1st and 2nd loans of $510k, if we add the $100k in loans, we're above 80% ltv. After we build the 2nd unit, the property should appraise for over $800k. Credit scores border good-excellent. What are our options for refinancing... any?
This apartment would generate more than $1,000/month gross income in rent.
Does anyone here have experience with the FHA cash-out refi program? On an online search, it seems it's at 85% ltv but was at 95% ltv up until last spring. Is that still the case?
I appreciate any/all advice or ideas. Please ask if you need more information to answer the question.