Cash-out refi rules for non-owner occupied properties

[Pearly Tan]

I heard on a podcast (not BP) that you will not be able to cash-out refi on any non-owner occupied properties once you hit 5. I believe she said this was with conventional loans. I can't seem to find any bank guidelines that support that statement. 

Experienced investors, can you please share your thoughts? If that is true with the above, then what's the point of having 10 golden tickets?

Thanks!

[Chris Mason]

Originally posted by @Pearly Tan:

I heard on a podcast (not BP) that you will not be able to cash-out refi on any non-owner occupied properties once you hit 5. I believe she said this was with conventional loans. I can't seem to find any bank guidelines that support that statement. 

Experienced investors, can you please share your thoughts? If that is true with the above, then what's the point of having 10 golden tickets?

Thanks!

 I don't know how old that podcast is, but about 5 years ago that was a true statement. Fannie/Freddie got ultra conservative during the crash, and have been VERY SLOWLY relaxing things. I think 4 years or so ago was when cash out refis for people with >4 financed props opened back up.