Refinance difficulties due to Fannie Mae guidlines

[Justin F Leberto]

Hello BP, One of my properties is under a VA loan and has a lot of equity that I would like to access to pay down credit debt. I have tried with two different lenders ( Quicken Loans & Freedom Mortgage ) to cash out refinance from VA to conventional however due to the ratio of owners to renters in the condo complex these lenders are saying the guidelines set forth by Fannie Mae are restricting the loan from going through. Anyone have any advice on how to be able to refinance from VA to Conventional without going through Fannie Mae ? not only would I appreciate the cash, refinancing would also free up my ability to get another VA loan to use on my next purchase.

[Harjeet Bhatti]

You need lender who can offer non-warrantable condo loan. Interest rate will be higher but you will be able to cash out.