Cash Out Refi on rental property in Charlotte NC

[Charlie Yarbrough]

I have a rental in Charlotte NC I want to do a cash out refi on. I am looking for lenders who will do minimum 75% LTV, but 80% would be amazing! I have owned the property for 3+ years now. Quicken Loans gave me a 75% option but it is expensive and it isn't really 75%. 800 credit score, looking to pull out 50k. Trying to get something locked down before Feb 22nd since my credit has been pulled already. Thank you in advance.

[Tim Sherrod]

@Kiran K. Most banks follow Fannie Mae and Freddie Mac guidelines, which allow up to 10 properties in an individual’s name.   However, some banks set their own more stringent limits.   For example, Chase won’t lend to you once you reach 6 mortgaged properties.   

Many credit unions don’t Fannie/Freddie guidelines, however.    They don’t place limits on the total # of mortgaged properties you own.  They place limits on the # of mortgages that THEY WILL FINANCE for you.   

For example, one credit union that I work will finance up to 4 mortgages per person, regardless of how many mortgaged properties you already have.   If a person already has 30 mortgages, that credit union will still give you up to 4 additional mortgages, as long as your debt-to-income and other metrics are satisfied.

*Note:   This guidance is for traditional mortgages, not loans in a business name.