Seems pretty heavy-handed to me with this notion that you need to penalize one group to raise up another.

I have gotten into fights with both sides -- primarily because I reject the notion of party loyalty.

Talking with the right attorney is important in this business not only on this point but many others as well.They key to understanding is to first clear your mind of any preconceived notions you have on the subject and concentrate on the words 'personal, family or household use'.What if borrower received more than 100% of purchase price on a purchase money loan ... money for Hawaii.  

This would be what the notion is when folks make the statement - "My Mortgage Servicer has a license so I don't".  

The misunderstanding, and logical disconnect, is when investors have some kind of absurd notion that a direct-labor subcontractor should conduct themselves with the self-managed precision of a real firm... while having none of the business or accounting practices that go along with that.

I absolutly don't subscribe to the notion that one must swallow ones pride to appear "proffesional".  

I was already getting the notion that SFH are not good investment options here.

*Disclaimer, this is just my perceived notion.

If your time frame is longer, you will find more options, but the notion of "parking" capital with the need to access it quickly limits your options quite a bit.Its worth keeping in mind that your cash out refi will include paying interest on the capital you pull out.

@Dave Passey - the notion that “the agent is there to protect the best interests of their client….”