Texas Refi-Cashout - Duplex - New rules say not allowed???
My daughter was doing a cash-out refi on her duplex, but her lender just said the following. Has anyone heard Texas Cashout A-6 for multi-family units are no longer allowed? Does she have any other places to go to refi-cashout that are not with the secondary market Fannie & Freddie?
(So Fannie Mae and Freddie Mac are saying they won’t take Texas cash-out multiple-unit properties.I have to change your loan back to a rate term because no investors will buy it now. Any guideline changes these days don’t have grandfather clauses ... if the loans aren’t funded delivered to the investor that’s it. It’s just Texas cash-out A6 is their problem I guess —- that’s why my lock desk didn’t realize an issue because they let us price the loan but then the investor said no Fannie won’t take multiple units Texas cash out. This is the craziest thing!!)