No more cash-out refis for investment properties?

[Jason T.]

My mortgage broker told me it's nearly impossible to find a traditional lender that will do cash-out refis for investment properties right now. With COVID-19, banks have too much uncertainty around future home values and are worried about home values declining.  So many of them have stopped writing cash-out refi deals on investment properties.

Does anyone have any insight on this?! Tried to do a cash-out refi and denied?  Approved?  Etc?

[Kody Thompson]

Two options here. 

1. Find a portfolio lender. Usually a small credit union

2. Wait until after the election to Refi.