Need advice for Jumbo Cash Out Refi- Arlington, VA

[Paul Virk]

Hi everyone!

I need some advice for a cash out refi I am trying to do. I own a single family home in Arlington, VA. I purchased it for $800k a few years back and its current value is $1,200,000. I bought the property using cash and never had a mortgage on it, its been rented out for several years.

The current tenants want to move back home since their jobs have gone fully remote. I can rent it out again for about the same amount ($5k/mo) or move in and refinance as a primary residence. The problem I'm facing is that most lenders cap the cash out at $500k for cash out refinance. 

I am looking for some advice or direction for a lender that can cash out refinance this property, and I have the option to move in and utilize the property as a primary residence, or rent it out and keep the property as an investment property. 

Any advice would be much appreciated!!

Paul