Refinance Question

[avbowden]

We have almost 1 million dollars equity in various rental properties that we own. We want to refinance one of our properties that has almost 100K equity. Our rental properties are our main source of income. All the companies that we’ve called so far, have turned us down saying that we don’t meet FNMA guidelines. They don’t see any income even after adding back depreciation, etc. Any recommendations?

Thanks,
Angie

[William_Bronchick]

FNMA is pretty strict - try Wells Fargo or US Bank, they don’t necessarily follow FNMA or Freddie guidelines. Also a local credit union may be an option, as most of these lenders are portfolio lenders, not Fannie/Freddie lenders.