Investor Refinance
Cash Out Your Rental. No Credit Score Minimum.
If your property has real equity, there are refinance programs that set no minimum credit score, ask for no tax returns, and do not require the rent to cover the payment. The trade is leverage: you borrow roughly half the property's value instead of stretching for every dollar.
This is how equity rich investors pull capital out of a property that a bank, a conventional lender, or even a standard DSCR lender has already turned down. It is business purpose financing for property you do not live in.
Based in Atlanta. Working with investors in Georgia, Alabama, and Texas.
Run The Numbers
How Much Equity Could You Actually Access?
Two rules decide your number, and most investors only know the first one. Here is the whole calculation on a $600,000 rental with $175,000 owed.
| The Math | Program A | Program B |
|---|---|---|
| Estimated property value | $600,000 | $600,000 |
| Maximum leverage | 50% of value | 55% of value |
| Maximum loan by leverage | $300,000 | $330,000 |
| Minimum equity that must stay | Not applicable | $150,000, so $600,000 minus $330,000 leaves $270,000 and the test passes |
| Existing mortgage payoff | $175,000 | $175,000 |
| Gross cash before costs | About $125,000 | About $155,000 |
| Equity still in the property | $300,000 | $270,000 |
Illustration only, using program maximums rather than an offer. Gross cash is before closing costs, prepaid items, and any liens that must be cleared, and your actual number depends on the appraisal. On a lower value property the minimum equity rule under Program B bites first: at a $300,000 value it holds the loan to $150,000 rather than the $165,000 the percentage alone would allow.
Why we quote two programs, not one
These are two lenders with genuinely different rules, and we are a broker, so we run your scenario against both instead of forcing it into one. What usually decides it: how recently you bought, whether you have had mortgage lates, the property type, and the loan size.
Get your actual number
Give us the property, the value, and what you owe. We will tell you what each program would support before you pay for anything.
Is This Your Situation
The Problems This Refinance Is Built to Solve
Every one of these is a reason a normal refinance gets declined, and every one is survivable when the equity is deep enough.
"I just bought it with cash."
Most lenders make you wait months before they will refinance at current value. One of these programs allows title seasoning of one day, so a recent cash or auction purchase is not automatically a wait.
"My credit took a hit."
Neither program sets a minimum credit score. Credit is pulled and specific events are reviewed, but there is no number you have to clear to be considered.
"I've had mortgage lates."
Late payments on a mortgage usually end the conversation. One of these programs treats mortgage lates as acceptable, which is rare enough to be worth asking about directly.
"My tax returns don't show enough income."
Depreciation and write offs make good investors look broke on paper. Neither program qualifies you on a debt to income ratio built from your returns.
"The property doesn't hit DSCR."
Vacant, mid turnover, or renting under market. One program calculates coverage but sets no minimum ratio, so weak rent does not disqualify the building.
"I came out of bankruptcy recently."
Both programs can consider a borrower one day out of a discharged bankruptcy. That is not a typo, and it is the single most unusual guideline in this category.
"It's held in an LLC."
Entity ownership is normal in business purpose lending rather than an obstacle, and foreign national borrowers are eligible on both programs.
"It's commercial or mixed use."
Office, retail, warehouse, self storage, automotive, five plus unit multifamily, and mixed use all have a path here. Residential lenders will not touch most of it.
Not every feature above belongs to every program, which is the point of using a broker: the right program depends on which problem is actually yours. Recognizing yourself here does not mean you qualify. Every scenario is subject to the lender's guidelines, appraisal, and full underwriting.
An Honest Look
When This Is the Wrong Refinance
Low leverage is the price of easy qualification. If you do not need to pay that price, you should not.
You need more than half the value
This is the one that disqualifies most people. Leverage tops out near half the property's value. If your plan needs 70 or 75 percent, no amount of flexibility elsewhere fixes that.
Your credit, income, and rent all check out
Then you are paying for flexibility you do not need. A DSCR loan or a conventional cash out will almost certainly cost less and lend more.
You plan to sell or refinance again soon
Both programs carry a prepayment penalty, and the structures differ. On one of them it cannot be bought out at all. Ask before you assume you can exit cheaply.
You or your family live there
Investment property only, and family occupancy is not permitted either. Equity in your own home is a home equity loan or HELOC conversation.
The property is small or low value
Minimum loan amounts apply on both programs. Below roughly $275,000 in value, one program cannot produce a large enough loan at all.
The property needs real work
Poor condition property is excluded. A building mid renovation is a different product, and often a short term one.
You have a judgment or tax lien
These generally have to be paid at or before closing rather than carried. That is not a decline, but it does change what your cash out actually nets you.
You would rather not leverage the property
Borrowing against a paid off rental converts an unencumbered asset into a leveraged one. That is a strategy decision before it is a financing one.
UHome Mortgage is an independent brokerage, not a lender. Telling you that a cheaper program fits better is the job, not a lost sale.
Not sure which side of that line you are on?
Check My Cash Out OptionsThe Full Picture
What You Gain, and What It Costs You
The trade is simple and it is not hidden: you accept a smaller loan, and in exchange the qualification obstacles mostly go away.
What these programs allow
- No minimum credit score. Both programs. Credit is pulled and specific events are reviewed, but there is no score threshold to clear.
- No tax returns and no debt to income ratio. One uses simple documentation, the other qualifies on the property with no minimum coverage ratio. Neither is a no documentation loan.
- Bankruptcy considered one day after discharge. Both programs. Foreclosure seasoning differs, so ask.
- Cash out is not capped beyond the leverage limit itself, on either program.
- Fixed for 30 years. No balloon on either program. Interest only is available on one of them.
- Entity and foreign national borrowers are eligible on both, and ITIN borrowers on one.
- Property types run past single family. One program reaches commercial, mixed use, and larger multifamily; the other stays residential.
What it costs you
- Leverage lands near half the value. 50 percent on one program, 55 percent on the other, and the second also requires a minimum amount of equity to stay in the property.
- Pricing is higher than agency financing. Low leverage prices better inside this category, but the category costs more than a conventional loan you could actually qualify for.
- A prepayment penalty applies on both. One is a declining schedule that can be shortened for a fee; the other is a flat charge that cannot be bought out.
- Refinances price higher than purchases on one of the two programs. That is a stated adjustment, not a surprise at closing.
- The appraisal decides everything, and one program measures against the lower of your purchase price or the appraisal.
- Judgments and tax liens must be cleared, which comes out of your proceeds.
- No consumer mortgage protections. Business purpose loans are exempt from Truth in Lending, so the disclosures you know from a home mortgage do not attach.
The two programs, and why the difference matters
These are not one product. They are two lenders with different rulebooks, and the gap between them is where the right answer lives.
- The 50 percent path gives up leverage but is far more forgiving on history and far broader on property: it permits mortgage lates, allows title seasoning measured in days, lends nationwide, reaches commercial and mixed use, and goes to much larger loan amounts.
- The 55 percent path allows slightly more leverage and no reserves, but stays residential, caps at smaller loan sizes, is unavailable in a number of states, holds back a minimum amount of equity, and carries the stricter prepayment structure.
- Which one fits comes down to four questions: how recently you bought it, whether your mortgage history is clean, what kind of property it is, and how large the loan needs to be.
Program details are set by the individual lender and change without notice. Nothing here is an offer, and no feature described is available on every scenario.
Compare Your Options
Four Ways to Pull Cash Out of an Investment Property
Ranked roughly by how hard they are to qualify for. Start at the right of this table and work left only if you have to.
| Criteria | Equity Based Refinance | DSCR Cash Out | Bank Statement Investor | Conventional Cash Out |
|---|---|---|---|---|
| Maximum leverage | 50% to 55% of value, program dependent. | Set by lender and cash flow. Generally reaches higher. | Lender specific, generally higher than equity based. | Agency limits, tighter on cash out than on purchase. |
| How you qualify | The equity position, with the property as backup. | The property's rent measured against the payment. | Deposits into your business or personal accounts. | Documented personal income, credit, and debt ratios. |
| Income documentation | Simple documentation or none, depending on program. | Lease or market rent analysis, not personal income. | 12 or 24 months of statements, lender specific. | Full documentation: returns, W-2s, assets. |
| Cash flow requirement | No minimum ratio on either program. | The property generally has to cover its payment. | Varies; often a ratio still applies. | Rent counted at 75% of gross inside your ratios. |
| Credit requirement | No minimum score on either program. | Most programs set a score floor and price by score. | Score floor typically applies. | Score drives both approval and price. |
| Ownership seasoning | As short as one day on one program. Confirm per scenario. | Many programs impose a seasoning period. | Lender specific. | Agency seasoning rules generally apply. |
| Property types | 1-4, multifamily, mixed use, and commercial on one program. | Typically residential rental, lender dependent. | Typically residential. | 1-4 unit residential only. |
| Best fit | Deep equity plus a real qualification obstacle. | Performing rental, decent credit, needs leverage. | Self employed with strong deposits. | Clean file that fits the agency box. |
| Major tradeoff | You can only borrow about half the value. | The property has to perform. | Documentation burden returns. | Hardest to qualify for, cheapest if you can. |
Columns other than the first describe general market practice rather than specific UHome programs, and terms vary by lender. Nothing here is an offer.
Your Path
How the Refinance Actually Goes
Six stages. The appraisal decides your number, so everything before it is about making sure that appraisal is worth ordering.
Tell us the property and the payoff
Address, rough value, what you owe, when you bought it, and what the money is for. Ten minutes, no documents.
We run both programs
Your scenario goes against each lender's rules so you can see the two loan amounts side by side before you spend anything.
Apply and submit
No tax returns. Property, entity, insurance, title, and verification of any funds you bring still have to arrive.
Underwriting
No score threshold and no debt to income ratio, but conditions still happen. Judgments and liens surface here.
Appraisal and title
The value sets your loan amount. Expect a full appraisal and, on one program, a second review of it on every file.
Close and get funded
Georgia closings are attorney conducted. Your payoff goes out and the remaining proceeds come to you after closing.
Timelines depend on the lender, the property type, and how quickly documents come back. Commercial and mixed use property takes longer to value than a single family rental.
Be Prepared
Documents You May Need
No tax returns changes what gets asked for, not whether anything gets asked for. This is simple documentation, not no documentation.
Property details and current use
Type, unit count, condition, and occupancy. Condition matters, because poor condition property is excluded.
Proof of ownership and payoff
Your deed and a payoff statement. If you bought recently, the closing statement from that purchase.
Entity documentation
Operating agreement, articles, EIN, and certificate of good standing when title is held in an LLC.
Credit authorization
Credit is pulled even with no score minimum. It is read for events, not graded on a number.
Leases or a rent roll
Current leases, or a rent roll on a multi unit or commercial building. Used to understand the property.
Property insurance
Evidence of appropriate coverage. Both programs escrow taxes and insurance in most cases, and flood coverage is never waived.
Asset statements
About a month of statements for funds you bring to closing. Business accounts need proof you own the business outright.
Payoff letters for liens
Judgments and tax liens generally have to clear at or before closing, so get those figures early.
Identification
For every borrower and every member of the owning entity, including ITIN or visa documentation where it applies.
Appraisal access
Someone has to let the appraiser in. On a tenanted property this is often the slowest part of the whole file.
You do not need any of this to start. The address, the rough value, and what you owe are enough for a real answer.
Already been declined somewhere? That is often the reason to call, not the reason not to.
Talk With A Loan ExpertReal World Context
Five Refinances That Would Not Have Happened Otherwise
Educational examples only. None is an approval, a promise, or a prediction of what any investor would experience.
Bought with cash 30 days ago, wants the capital back
The situation
An investor won a South Fulton property at auction, paid cash, and wants most of that capital back for the next one.
Why a normal refinance is hard
Most lenders impose a seasoning period before lending against current appraised value, parking the money six to twelve months.
Why this may work
One of the two programs allows title seasoning of one day, so a purchase this recent is not automatically disqualified.
What still needs review
What it appraises for, whether the program uses the appraisal or what was paid, and whether half the value returns enough to matter.
When another program fits better
If the property is leased and performing, a DSCR loan after a short wait will usually return more money.
Owned 12 years, owes very little, credit is damaged
The situation
A DeKalb County landlord has owned a duplex since 2014 and owes under $40,000. A medical event three years ago wrecked his credit.
Why a normal refinance is hard
Conventional and most DSCR lenders set a minimum score. He is below it, and deep equity does not override a cutoff.
Why this may work
Neither program sets a minimum credit score, and one of them accepts mortgage lates outright. His equity is the strongest fact in the file.
What still needs review
Whether any collections became judgments or liens that must be paid at closing, and what the duplex appraises for.
When another program fits better
If his score recovers enough in a year, a DSCR cash out would cost less and lend more.
Self employed, strong equity, tax returns show almost nothing
The situation
A Cobb County contractor owns three rentals with deep equity. Between depreciation and equipment write offs, his returns show almost no income.
Why a normal refinance is hard
Conventional underwriting builds a debt to income ratio from those returns, and the answer is no regardless of what he earns.
Why this may work
Neither program builds a ratio from tax returns. One uses simple documentation; the other qualifies on the property with no minimum coverage ratio.
What still needs review
Which property to draw from, whether its leverage covers the goal, and how the properties are titled.
When another program fits better
If his business deposits are strong, a bank statement loan may reach higher leverage at better pricing.
Mixed use building that residential lenders keep declining
The situation
An investor owns a storefront with two apartments above it. Residential lenders decline it for the commercial space; commercial quotes carry balloons.
Why a normal refinance is hard
It falls between two underwriting worlds: too commercial for residential lenders, too small for most commercial desks.
Why this may work
One of the two programs treats mixed use, multifamily above four units, and true commercial as eligible property types on a 30 year fixed structure, which removes the balloon problem.
What still needs review
How it values with the commercial component, lease status on both portions, and the pricing difference between tiers.
When another program fits better
If he needs meaningfully more than half the value, a traditional commercial loan may be the only path, with the shorter term as the price.
Free and clear rental, wants down payments for two more
The situation
A Gwinnett County investor owns a rental outright and wants down payments on two more properties rather than selling it.
Why a normal refinance is hard
Often nothing is wrong with the file. It is how many financed properties she already has, or income that will not document.
Why this may work
Cash out is not capped beyond the leverage limit on either program, and neither counts against an agency financed property limit.
What still needs review
Whether half the value funds both down payments, how the purchases get financed, and whether the prepayment structure fits.
When another program fits better
If she qualifies conventionally, an agency cash out will be cheaper. This is the option when the agency door is closed, not the first door to try.
Scenarios are illustrative and do not guarantee any investor the same result, terms, or approval. Every file is subject to the lender's guidelines and full underwriting.
Local Guidance
Investment Property Cash Out Refinance in Georgia and Metro Atlanta
UHome Mortgage is based in Atlanta. Here is what actually matters about pulling equity out of a Georgia rental.
Georgia investors are equity rich and paperwork poor
The median sales price across the 11 county Atlanta market was $442,500 in June 2026 according to the Atlanta REALTORS Association. An investor who bought a Metro rental eight or ten years ago often holds more equity than the property originally cost, while showing very little taxable income after depreciation. That combination is the exact profile these programs were built for, and it is common here.
Where the agency door closes
A conventional cash out on investment property is capped by the 2026 conforming limit, which in Georgia is $832,750 for a one unit and $1,601,750 for a four unit, with every county at the baseline. Fannie Mae also limits an investor to ten financed properties and requires documented income and a qualifying score. Portfolio programs answer to none of that, which is usually why this conversation starts.
Georgia specifics that affect a cash out
Georgia closings are conducted by a licensed attorney rather than a title company alone, so build attorney coordination into your timeline, particularly when an LLC holds title and the operating agreement and good standing certificate have to be reviewed first. Georgia is also a non judicial foreclosure state, which is part of why investor lending is active here.
On carrying cost, Georgia assesses property at 40 percent of fair market value under state law, and the statewide homestead exemption does not apply to investment property. On a property that has appreciated substantially, run the tax picture on the investment basis rather than the figure you see on your own home.
Where UHome can originate, and where the lenders can lend
These get confused constantly. UHome Mortgage is licensed in Georgia, Alabama, and Texas, so those are the states where we can originate. The lenders behind these programs have their own footprints, and one lends far more broadly than the other. If your property sits outside those three states, we cannot originate it regardless of what the lender allows, and we will say so immediately.
Good Questions
Investment Property Refinance Questions, Answered Plainly
Can I refinance an investment property with bad credit?
Yes, in some cases. The two equity based programs UHome works with set no minimum credit score, so a low score is not automatically a decline when the property has substantial equity. Credit is still pulled and read for specific events: judgments and tax liens generally have to be paid at or before closing, and foreclosure seasoning applies. The tradeoff is leverage, which lands near half the value.
What is the minimum credit score for an investment property cash out refinance?
It depends on the program. Conventional and most DSCR lenders set a score floor. The two equity based programs on this page do not set one at all, which is the main reason they exist. If a low score is your obstacle, ask rather than assume the answer is no.
Can I cash out refinance a rental property with no income verification?
Not quite, and the distinction matters. Neither program builds a debt to income ratio from your tax returns, so returns, W-2s, and pay stubs are not what qualifies you. One program uses simple documentation and the other qualifies on the property with no minimum coverage ratio.
That is different from a no documentation loan, which does not exist here. Expect to provide property documentation, entity documents, insurance, title work, an appraisal, and about a month of asset statements for any funds you bring.
How soon can I refinance an investment property after buying it?
On one of the two programs, title seasoning can be as short as one day, which means a property purchased very recently is not automatically excluded. Most lenders require six to twelve months before they will lend against current appraised value.
The thing to confirm before you count on it is which value the lender uses on a recent purchase, the appraisal or what you paid. Those produce very different loan amounts on a property bought below market, and the answer varies by program.
Can I cash out refinance after buying a property with cash or at auction?
Often yes, and this is one of the strongest uses of these programs. Because one of them allows title seasoning measured in days rather than months, an investor who paid cash can look at getting capital back out without waiting out a seasoning clock.
How much comes back depends on the appraisal and on whether the program values a recent purchase at the appraisal or at what you paid. Ask before the auction, not after.
Can I refinance an investment property with mortgage lates?
On one of the two programs, mortgage lates are acceptable. That is rare in this market, and it is worth asking about specifically because most lenders treat a recent mortgage late as an automatic decline.
The other program requires the mortgage on the subject property to be less than 90 days past due at funding. So the honest answer is that it depends which program your scenario fits, which is exactly what we check first.
Can I cash out refinance a rental property after bankruptcy?
Both programs can consider a borrower one day after a bankruptcy discharge. There is no multi year waiting period built into either guideline, which is the single most unusual feature in this category.
Foreclosure is treated differently from bankruptcy. One program requires at least 12 months since a foreclosure and does not permit foreclosure bailouts, so tell us which event actually happened.
Can I cash out refinance a property owned by my LLC?
Yes. Both programs are business purpose lending, where entity ownership is normal rather than an exception. You will need the operating agreement, articles of organization, EIN, and a certificate of good standing. In Georgia the closing attorney reviews these, so send them early.
Can I refinance a rental that doesn't meet DSCR requirements?
Yes. One of the two programs calculates debt service coverage but sets no minimum ratio, so a vacant property, one between tenants, or one renting under market is not disqualified by weak cash flow. That is the structural difference from a standard DSCR loan, which generally requires the rent to cover the payment.
How much equity do I have to leave in the property?
Roughly half, and on one program there is a second rule on top of the percentage: a minimum dollar amount of equity has to remain in the property after the loan. On a lower value property that dollar rule binds before the percentage does.
On a $600,000 rental the two programs land about $30,000 apart. On a $300,000 rental they reach the same answer by different routes.
Can I refinance a mixed use or commercial property?
On one of the two programs, yes. Mixed use, multifamily above four units, office, retail, warehouse, self storage, and automotive are all eligible, on a 30 year fixed structure rather than the balloon most commercial quotes carry. Pricing differs by tier, and the property still has to appraise.
Can I use equity from one rental to buy another?
Yes, and it is one of the most common reasons investors do this. Cash out is not capped beyond the leverage limit on either program, and proceeds can fund a down payment, a cash purchase, or reserves. Plan the next financing at the same time, and check the prepayment structure against a strategy that may involve selling.
Is there a prepayment penalty?
Yes, on both programs, and the structures differ meaningfully. One uses a declining schedule that can be shortened for a fee. The other is a flat charge that cannot be bought out at all.
If there is any chance you sell or refinance again within a few years, say so at the first conversation. It changes which program we recommend, and sometimes it changes whether we recommend this category at all.
Can I do this on a property in Atlanta or elsewhere in Georgia?
Yes. UHome Mortgage is licensed in Georgia, Alabama, and Texas and works with investors from Fulton, DeKalb, Cobb, Gwinnett, Clayton, Douglas, Paulding, and Henry counties to markets statewide including Augusta, Savannah, Columbus, Macon, and Athens. Where a lender can lend and where UHome can originate are different questions; outside those three states we will say so on the first call.
Accuracy Matters
Reviewed for accuracy by a licensed mortgage professional
Coby Pegues
President | Loan Originator | NMLS #2556341
This page describes two portfolio programs from two different wholesale lenders. Their guidelines are set by those lenders and change without notice, and no feature described here is available on every scenario or to every borrower. Anything material to your decision should be confirmed for your actual property before you rely on it.
Last reviewed: [CMS: review date]
