Lender wont let me Cash out Refinance with 6 financed properties
please help me get to the bottom of this. I currently have 6 financed rental properties. 1 is owner occupied. I am trying to do a cash out refi on the 2 most recent purchases to get the cash out I spent to fix them up. Lender says sure we can help. After purchasing appraisals and going through the process the underwriter says "wait" there's a new guideline in place as of may27,2014 that says anyone with more then 4 financed properties cannot do cash out Refis into a 30yr fixed on investment properties. My only option is to do a cash out with a 3/1, 5/1, or 7/1 arm. The lender then said I could refi again into a 30 yr fixed in 6months. My thoughts are to shop around now but not sure the appraisals will be accepted by a new lender. I feel mislead by e lender they said they could do this.