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Updated over 9 years ago,

User Stats

12
Posts
6
Votes
Gary Burnham Jr.
  • Real Estate Investor
  • South Windsor, CT
6
Votes |
12
Posts

Lender wont let me Cash out Refinance with 6 financed properties

Gary Burnham Jr.
  • Real Estate Investor
  • South Windsor, CT
Posted

please help me get to the bottom of this.  I currently have 6 financed rental properties. 1 is owner occupied.  I am trying to do a cash out refi on the 2 most recent purchases to get the cash out I spent to fix them up.  Lender says sure we can help.  After purchasing appraisals and going through the process the underwriter says "wait" there's a new guideline in place as of may27,2014 that says anyone with more then 4 financed properties cannot do cash out Refis into a 30yr fixed  on investment properties.  My only option is to do a cash out with a 3/1, 5/1, or 7/1 arm.  The lender then said I could refi again into a 30 yr fixed in 6months.  My thoughts are to shop around now but not sure the appraisals will be accepted by a new lender. I feel mislead by e lender they said they could do this.

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