Mortgage Blog

Q: I am interested a house listed at 160k, but It can only accept
BOA pre-approval letter. I can't get BOA letter because BOA can not
do loans for the 5th financied property.

so I may pay cash for this one. my questions are:
After closing, as you said, wait 2+ weeks, can you help to find a lender
to refi (cash out about 120k)? this is our 5th loan.
and also what's the rate for this small loan( 100 ) with no fees no costs?
15 year and 30 yr. fixed rate.

A: You may have to give up this loan. If you pay cash for this offer,
we can not do cash-out refinance at all since you already have 4 financed
properties. That's the problem for the current market, once you have
more than 4 financed properties you can do do cash-out.

You can go ahead with the purchase unless you will not use the cash until
Fannie Mae change the guideline. Or you have to give up this deal
and find another property who will accept our pre-approval letter.