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HomeForumsPrivate Lending & Conventional Mortgage AdviceRefi or HELOC if HOA is over rental requirement
Krista Roark's profile image
Krista Roark's profile image
Krista Roark
  • from Saint Michaels, Maryland
  • Member since Apr 26, 2015
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Krista Roark's profile image
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Krista Roark
  • from Saint Michaels, Maryland
  • Member since Apr 26, 2015
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Krista Roark
  • Saint Michaels, MD
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Private Lending & Conventional Mortgage Advice

Refi or HELOC if HOA is over rental requirement

Krista Roark
  • Saint Michaels, MD
Posted

Right now Fannie Mae has a rule about not backing a mortgage on a condo if the HOA has more then 50% of its units as rentals.

I have a rental property in this situation. There is lots of equity  (about $80,000) and I would love to cash-out refi or take a line of credit in order to fund a rehab project on another investment.

Anyone know of a lender who would either do a refinance or give a HELOC on my condo? So far its a no from SunTrust, Iberia, Fifth Third, TD, Wells Fargo, etc.

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