I tried to refinance some of investment properties (guaranteed by Fannie Mae or Freddie Mac), I was told b/c I have more than 4 properties loan (total 11), I was not qualified. Does anyone know lenders or brokers who participate in newly Obama’s “Home Affordable Refinance" AND will do refinance even with 11 properties? Thanks in advance!
I know Bank of America will do it if you go directly through them. However your max LTV is 60%.
Chris,
Thanks very much. I just contacted BOA, yes they are!
I am going to refinancing one loan with them right now, at this point they only deal with loan that is serviced or own by them.
Thanks again, Chris you save the day!
Novak,
If I understand correctly you’re looking for lenders (Brokers?) that offer the home affordable programs.
This would be the Fannie Home Refi Plus or the Freddie equivalant, Relief Refinance Mortgage.
Both have no cap to the # of properties owned and financed. However, it sounds like you are running into lenders that have their own risk overlays.
There are lenders with no risk overlays that will do your other properties.
Novak
I just found a lender that will do the Fannie or Freddi program on rental properties with no cap on currently owned properties. No cash out or anything, but you won’t be capped at the 60-70%…you can be up to 105% ltv.
JJ,
What you failed to mention is that in order to qualify for these programs you must first make sure that your loan is owned by Fannie or Freddie. If not, unfortunately you won’t be able to take advantage of these programs.
Yeah i agree that Bank of America will do it if you go directly through them.