Did I miss my shot? Lender cancelling Cash Out Refi

[Tim Kaminski]

I started a cash out refinance right before the Coronavirus craziness happened and was told today that the lender wouldn't be able to close on it now due to my duplex investment property being a property type that they couldn't pass their "net-tangible benefit guidelines" with.  Just told me an hour ago via text and needless to say, very upset as I feel I have been strung along for the past month.

Moving forward, are home prices going down/Did I miss my chance to refinance and pull cash out for next property?  I only have this one property and was really banking on money from this deal to buy my second.  Or do I still have time?

[Zack Karp]

That was definitely not a Conventional loan, because the max LTV for a 2-unit investment property Conventional cash out refi is only 70%. Must have been a non-QM/portfolio loan, and yes that market is all but dead right now. Most lenders in that space have either tightened up their guidelines or stopped closing loans altogether.