Guidelines currently allow you to finance 70-75% of the appraised value on a cash out refinance provided you have a 700 or higher credit score AND you can qualify based on your income and debts.
Therein lies the rub as they say, because a lot of investors have their accountants work some voodoo so their tax returns look like they are not making any money.
Your best bet is to speak to a reputable local lender who can work through the options for you and help you find out what you qualify for
I work out of Countrywide's Ann Arbor branch and would be glad to take a crack at your situation. Drop me a line if I can be of assistance
I am a mortgage broker. If I can be of service, please let me know!
877-238-6324 Ext 704