Refi or HELOC if HOA is over rental requirement
Right now Fannie Mae has a rule about not backing a mortgage on a condo if the HOA has more then 50% of its units as rentals.
I have a rental property in this situation. There is lots of equity (about $80,000) and I would love to cash-out refi or take a line of credit in order to fund a rehab project on another investment.
Anyone know of a lender who would either do a refinance or give a HELOC on my condo? So far its a no from SunTrust, Iberia, Fifth Third, TD, Wells Fargo, etc.
Most Popular Reply
You'll need to connect with a smaller bank or local credit union. When you call (it probably won't be advertised on their website), you want to ask if they do Portfolio Loans or Non-Warrantable Loans.
You may also be able to find Private Money that will do this as well.