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Looking for a cash-out refinance for investment property...

I just purchased 2 porperties in CASH and made several upgrades.  Is it possilbe to get a loan / refinance now with a cash-out (to purchase another property) for what the house appraises for...70% loan to value.  I have only owned the houses 4 months.  If so I will be interested in doing this in the next month...
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February 05 2009 - Cincinnati
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You might also keep in mind some investors have increased their reserve requirements for investment property (for each property).
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February 11 2009
Hello Darney,
You will have to wait for 6 months until you are eligible for cashout.  You will be paying a premium because of the Property Type and Cashout, so try considering less cashout = lower Loan to Value.
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February 11 2009

Should be noted that the new guidelines for 5-10 property financed can only be used for purchase....not for cash out loans.

So if a cash investor already has 4 property financed, Fannie still won't let them get their money back out, but they will let them buy with a purchase loan.

Carl - somehow I ended up on your email blast with the Fannie Bulletin for investors!! 

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February 11 2009
Update - Investors will once again be allowed to have up to 10 financed properties. New guidelines effective March 1, 2009
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February 11 2009

most investors now require that you wait 6-12 months before you can cash out on an investment property.

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February 11 2009
For Conventional you must own for 6 months, then you are OK.  Cannot have more than 4 properties financed at any given time. 

Only other options before 6 month would be less attractive terms.
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February 05 2009
 
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