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Updated over 5 years ago on . Most recent reply

Unable to Refi Duplex because of limit on points and fees?
Hi all,
So we're trying to cash-out refi our first duplex, but the first lender we contacted (Quicken) told us we do not qualify for any type of refi because of the state limit on points and fees. The mortgage will be roughly $200K and property is located in Georgia. Is anyone familiar with this type of situation? We're just looking for some direction before wasting a bunch of time calling other lenders. Is this something we'd run into with other conventional mortgage companies and banks, or perhaps just Quicken? Should we be looking at private lenders instead? Any and all advice would be appreciated.
Nick
Most Popular Reply

- Loan Officer / Processor / Life & Health Agent
- Rancho Cucamonga, CA
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You just need to find a lender that isn't charging a crazy amount of points. @Jerry Padilla should be able to guide you on this.
Also note that you're going to be capped at 70% LTV if this is an investment property. This is based on Fannie guidelines.
I hope this helps.