Originally Posted by knucklehead 61
anyone have some ideas on who may be loaning money to re-fi rental properties?
i make good money, have no debt other than mortgages but can't seen to find a lender to re-fi the rentals to drop the payments. the new rules make it nearly impossible for someone with more than 4 loans (i have 8) to re-fi at lower rates.
IIRC there are FHA limits on the number of mortgages a landlord can have. Banks may not be averse to loaning you more money, but if they're trying to package a loan to FHA requirements then they'll pass you by.
Spouse and I just refi'd our rental home a few months ago with Bank of America. It wasn't exactly a pleasant experience, and their process explains a lot about why they're losing so much money lately, but we did get a 4.625% 30-year fixed "investor" loan. BofA appears to be permanently servicing the loan (perhaps to profit from its taxes/insurance impound account?) but I can't tell whether or not they've sold it.
We found this through a mortgage broker. They'll be much more familiar with the "rules" than we are.