Refinance Rental Property... Baltimore, MD
Hypotheitcal situation... I am looking to purchase a property in Baltimore City for 30k and will be putting 30k into it at which point ARV will be 100k. I will be using this property as a rental and because I do not want to keep my cash tied up and would like to use those funds to invest in another property, I was hoping to refinance. I have spoke to numerous mortgage companies and the consesus has been that you need to wait 6 months to be able to use the appraisal value of the property as opposed to the purchase price. Seems that this is a Fannie Mae regulation that affects all companies that I have spoke with. I was hoping to be able to refinance sooner then 6 months after taking tittle. My question therefore is:
a) does anyone know of a company that I can use to refinance within less then 6 months but wont cause rates to skyrocket?
b) are there any other options that one would use to approach a situation like this?
Thanks in advance!!