Cash out refi limitations

[Scott Sambrook]

I'm told I cannot cash out refi for new value of property until a year has passed. Purchased 3 units for 90 cash, rehabbed and rented, bank says can't use new value for a year. That will take way too long to replicate this (BRRRR) strategy at a rapid rate. Is this a Fannie stipulation? Any way around it?

[Eric Veronica]

@Scott Sambrook Typically the conventional mortgage guidelines will allow you to use the new value after 6 months.  Sounds like you may have found a lender with overlays.