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Updated over 3 years ago on . Most recent reply
PLEASE HELP BRRRR - Cant Get Cash Out Refi
I am a newbie to this forum and in need of some help. Hopefully I'm positing to the right forum. I bought my first house in Aug 2020, renovated it, and June 1 2021 it is currently rented. I put about 120k in renovations cost and a 20% down payment. I'm looking to take out my investment and purchase another property but when I called to do cash out refi the banks do not offer this option on a rental property. Citizen Bank which is my original lender says they do not offer and rocket mortgage says that fannie mae and other lenders aren't issuing any more cash out refi at the time for investment properties. Can someone please guide me in the right direction because I am lost here or find lenders that offer this?
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#1 Medium-Term Rentals Contributor
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- Asheville, NC
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#1 Medium-Term Rentals Contributor
- Investor
- Asheville, NC
Our most recent cash out refi on a rental (closed in early May) was through Stearns lending. You might try there.