On November 13, Fannie Mae changed the rules for getting a cash-out refinance for people with 5-10 financed properties. Effective immediately, you can no longer get a cash-out refinance on a second home or an investment property if you have more than 4 financed properties. The only exception to this is if you purchased the property within the previous 6 months.
This is a Fannie Mae rule, so any lender that sells their loans to Fannie Mae has to follow it.
What does this mean for someone who has equity in an investment property? It means you can't touch it - at least not with a Fannie Mae loan. You might still be able to get a home equity line of credit (HELOC), but forget about a low interest fixed-rate mortgage.
This only applies if you have more than 4 financed properties, and it does not apply to primary residences.
When investment banks get back into the mortgage market and provide an alternative to Fannie Mae, this will surely change, but that's not going to happen until Congress can stop bickering and defines which loans Fannie Mae is going to be allowed to purchase in the future.
Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!
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