Rental Refi Post FHFA Rule Changes

[John Harmon]

Hi BP Community,

  I'm looking to refinance my first rental property in Aiken, SC. My wife and I bought it as an owner occupied property in 2019 with a 15 year note at 4%. After deciding to make it a rental unit and learning more about the power of leverage and cashflow through BP, we'd like to refi into a 30 year mortgage. When I spoke with my "go to" broker, he warned my that it may be difficult to find a lender for an investment property because of the new FHFA guidelines.

He did find a lender, but the interest rate on the 30 year note is 4% with nearly $1,000 in additional closing fees compared to what I usually pay. I do have a call in to another banker that I used for my most recent purchase, but I am curious, is this in line with what you all are seeing? Have you been affected by the recent guideline changes?