noone will do a cash out refi on rental house?
want to do a cash out refi on a home i purchased 1 year ago and put that money into a new purchase.
contacted 5-6 different banks/lending institutions and noone can do it.
they tell me:
"just got off the phone with Fannie Mae. They have made changes to their Multiple Properties program. They no longer allow cash out. On conventional loans, lenders have a 4 financed property maximum. It has always been applied only to a purchase, which is where Flagstar came in with their special program. But now lenders will not allow refinances of a rental property if it’s one of 4 or more already owned. Refinancing a primary residence is never an issue regardless of how many properties you own."
anyone know a way around this?