Bank of America refinance properties limitation

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Bank of America refinance properties limitation

Aviv Berkovitch
New York City, NY · Member since 2018 · 71 posts · 12 votes

Hi

I just finished a call with a Bank of America loan representative, and he told me that since I own more than 5 properties, I can't refinance them.. any of them. "this is the guidelines of the bank"

I purchased all the properties with cash, and I don't have any loans or mortgages.. can someone encounter in the same situation?

Thanks

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
7y

BoA has some of the most ridiculous loan overlays. Use a good lender and not the s*it show that BoA is.

[email protected]301-893-4635Podcast Guest on Show #192
District Invest Group545 Reviews
WebsiteView Page
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  • Kevin Romines
    Lender · Winlock, WA · Member since 2013 · 1k+ posts · 1k+ votes
    7y

    This sounds like a Bank of America rule. You should be able to refinance any and all. Fannie Mae limits you to 10 properties. Portfolio lending generally doesn't have a limit on the numbers of financed properties. Go to a Banker or a broker and you will get them refinanced. 

    If you need a referral, let me know?

    0Reply
  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    7y
    Originally posted by @Aviv Berkovitch:

    Hi

    I just finished a call with a Bank of America loan representative, and he told me that since I own more than 5 properties, I can't refinance them.. any of them. "this is the guidelines of the bank"

    I purchased all the properties with cash, and I don't have any loans or mortgages.. can someone encounter in the same situation?

    Thanks

     Find a new lender; and if you want the wholesale interest rate pricing then go through an independent broker while you are at it.

    2Reply
  • Jerry Padilla
    Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
    7y

    @Aviv Berkovitch

    You should be able to cash out refinance on up to 10 properties with conventional financing. Your DTI's will be taken into consideration, along with your credit and reserve requirements. Maybe they have a lot of overlays?

    A SFR requires an LTV of 75% for an investment property and a MFR requries an LTV of 70% for a cash out mortgage.

    0Reply
  • Joshua Baker
    Lender · Orlando, FL · Member since 2018 · 73 posts · 19 votes
    7y

    @Aviv Berkovitch

    Sounds like a bank specific overlay Aviv. As @Chris Mason mentioned, using an independent broker will give you more flexibility and better rates/fees.

    0Reply
  • Aviv Berkovitch
    OP
    New York City, NY · Member since 2018 · 71 posts · 12 votes
    7y

    @Joshua Baker can you recommend for someone that work in Indianapolis?

    Thanks

    0Reply
  • Mike D'ArrigoPro Member
    Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
    7y

    @Aviv Berkovitch I believe what they are telling you is that you can't do a cash out refinance with more than 5 mortgages. What you're trying to do would be considered a cash out refi. 

    0Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    7y

    BoA has some of the most ridiculous loan overlays. Use a good lender and not the s*it show that BoA is.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    3Reply
  • Joshua Baker
    Lender · Orlando, FL · Member since 2018 · 73 posts · 19 votes
    7y

    @Russell Brazil

    This made me laugh out loud as I am still hunting a clear to close from BoA. I might retire before it comes through.

    1Reply
  • John Bianco
    Specialist · New York, NY · Member since 2017 · 25 posts · 6 votes
    7y

    @Aviv Berkovitch what kind of properties are they?

    0Reply
  • Aviv Berkovitch
    OP
    New York City, NY · Member since 2018 · 71 posts · 12 votes
    7y

    @John Bianco

    All of them SFH

    0Reply
  • John Bianco
    Specialist · New York, NY · Member since 2017 · 25 posts · 6 votes
    7y

    @Aviv Berkovitch

    Messaged you

    0Reply
  • Jared RineBusiness Member
    Lender · Sacramento, CA · Member since 2009 · 1k+ posts · 277 votes
    7y

    @Aviv Berkovitch..find a better lender.  If i could do conventional in your state, I'd say to reach out.  But yea, go to a better lender.  That's ridiculous. You should be able to refinance all of them, depending on the assumed income from them and your qualifications.

    Jared Rine United Lending Partners53 Reviews
    View Page
    0Reply
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