Trying to refinance in Texas

[Peggy Liu]

So here's the scoop.. I've got a 1/1 investment condo in Austin. I've got a 1st mortgage on it at 48K and a equity loan at 34K. The current comps are around 120K. So I do satisfy the LTV of 75%. What I want to do is combine the two mortgages and take advantage of the current low interest rates so that I can put a little cash into my pockets each month. My current interest rate on the 1st mortgage is 7.25% . I have a good credit score. I've gone online to shop for quotes the last couple of days and I've spoken to a handful of mortgage lenders and one of them (Quicken Loans) called me back to tell me that I don't qualify for a refi because investors are not allowed to combine two mortgages into one. Is this true?? If not, can anyone suggest where I can go to find a lender that will help me refi? Thanks!