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Bank of America refinance properties limitation
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
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?
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.
-
Lender California (#1220177)
- CommLoan
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.
-
Lender NY (#NMLS 1084877) and Prime Lending Licensed in All 50 States (#NMLS 13649 )
- 585-204-6923
- http://www.jerryrpadilla.com
- [email protected]
@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.
@Joshua Baker can you recommend for someone that work in Indianapolis?
Thanks
@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.
BoA has some of the most ridiculous loan overlays. Use a good lender and not the s*it show that BoA is.
@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.
@Aviv Berkovitch what kind of properties are they?
@John Bianco
All of them SFH
@Aviv Berkovitch
Messaged you
@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.