Cashout Refinance policies have changed. Is anybody still doing BRRR?

[Fabricio Laboriel]

Hello, 

I recently purchased my first rental property in Utah which I remodeled and now I am looking into cashing out my money through a conventional loan for better interest terms. The mortgage officer I am using says I need to own the house at least 6 months to be able to take out the money I have invested in the property. 

Does anybody know a way around this? Any advice of what type of loan I could use that would let me cashout?

[Robin Simon]

Quote from @Fabricio Laboriel:

Hello, 

I recently purchased my first rental property in Utah which I remodeled and now I am looking into cashing out my money through a conventional loan for better interest terms. The mortgage officer I am using says I need to own the house at least 6 months to be able to take out the money I have invested in the property. 

Does anybody know a way around this? Any advice of what type of loan I could use that would let me cashout?

Yes - as others have said in the thread, DSCR Loans are perfect for this scenario to step into the void with this change in conventional seasoning requirement. Would recommend going with a a mortgage broker for your financing needs that has access to conventional options and non-QM DSCR options, or go straight to the source to a private lender specializing in DSCR or BRRRR

PS - check out some of these recent articles I did for BP on DSCR Loans 101 if you are unfamiliar with the product
https://www.biggerpockets.com/...

https://www.biggerpockets.com/...