Refi or HELOC if HOA is over rental requirement
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.