What bank can refinance a conventional loan?

[Joel Ubiera]

Hey guys! I have a quick question. I live in the Buford, Georgia/Atlanta Metro area, and I'm looking to refinance a property that I purchased 5 days ago. It's a conventional loan for an investment property, I financed $64,000, and it's appraised at $140,000. I would like to refinance the property. As I've been doing my research, I've learned that it's usually community banks and credit unions that will be the most flexible lenders to refinance after owning for such a short period of time. Any suggestions on which credit unions, community banks, or any lender that would refinance? Thanks in advance!

[Chris Mason]

Fannie and Freddie will say 'no' to that scenario until the six month mark, if it's a cash out refinance you are after. 

So it'll be a portfolio loan. Higher rate. 

And then you will want to lower the rate as soon as you can to improve cashflow, with Fannie/Freddie financing after six months.

So now you've incurred 3 sets of mortgage closing costs in a single six month timeframe, for one property. 

Not saying it's a horrible idea, but I do want to point that out to you.