Was told a no go... but not every loan officer is created equal

[Jason Pavloff]

I'm currently shopping with a few lenders and in the process today some told me that... due to the fast my duplex was homesteaded. That I would not be allowed to do a cash out refi on the property. I'm trying to do a cash out refi on my on my house which is currently an FHA. I want to convert it over into a conventional to get ride of not only the PMI, but to then use those funds to later put into another rental property.

I was told under texas law "A6" that since I homesteaded the property which I currently occupy. That the homestead is what is keeping me from doing a cash out refi.. So far with the 4 banks I've talked to. This is the first I've heard of this. 

Does anyone have any input on if this is just an uneducated loan officer... Which I'e found few know the ins and out of multifamily investments.