As a new investor doing the BRRRR strategy, I purchased a 2-family with a personal mortgage 20% down in September. I've done some renovations to it and have a 2nd unit currently vacant.
I plan to cash-out refi when it’s fully rented out but will this new cap on the government purchasing loans hinder my success for the refinance (as an investment property)?
I spoke with a mortgage originator and he mentioned that Fannie/Freddie also added more costs to second/investment properties as well which might make it more difficult.
Would it be better to refinance this property as a primary still since I can, on paper, live in the second unit?
well dont commit mortgage fraud so if you have to live in it for a year would strongly suggest that then move out
I have not seen anyone post that they had been turned down or rates were such that it is precluding them from buying.
Ran into the same issue where we had to leave 30% in the deal which hurt us.