Fannie loans 5-10 cash out ineligible
I ran into a scenario where I am doing a conventional cash-out refi on a 5th loan and due to this "B2-2-03: Multiple Financed Properties for the Same Borrower (05/27/2014)" section of the guidelines am ineligible. I spoke to a few people and they mentioned doing a HELOC on the property and then afterwards doing a normal rate-term refinance with no cash out.
Has anyone done this or can suggest options to this situation?