Fannie loans 5-10 cash out ineligible

[Keith A.]

I ran into a scenario where I am doing a conventional cash-out refi on a 5th loan and due to this "B2-2-03: Multiple Financed Properties for the Same Borrower (05/27/2014)" section of the guidelines am ineligible. I spoke to a few people and they mentioned doing a HELOC on the property and then afterwards doing a normal rate-term refinance with no cash out.

Has anyone done this or can suggest options to this situation?

[Jerry Padilla]

Another possible option would be to pull hard money out on the properties and then refinance the hard money loans with a conventional mortgage on the houses 5-10.