cash out refinance on rental property available?

Question

I have been asking a few mortgage brokers and all of them are saying no cash-out refinance available for rental properties due to Covid19.

Is it like this just in CA?

Is the restriction getting better?

Jason Wray · Answer

Daniel,

There are no cash out restrictions due to covid-19.  There are only certain banks not doing them due to their own risk rule or overlays.

Timothy Hero · Answer

If you've been asking brokers in the non-qm market, it makes sense why they would say that. Brokers who sell mortgages for private lending companies throughout the country are restricted from CA, MN, AZ, NV and OR. They can't be paid in those states without a license or specific partnerships.

Alex Bekeza · Answer

@Daniel Han Mr. Wray is correct.  Keep calling around.  There is a ton of cash out refi volume going on right now from the pent up demand during the "frozen" covid period.  You just need to find the right Loan Officer.

cash out refinance on rental property available?

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