refinance houston: Fannie Mae’s change to Cash out!
- 07/22/11 12:24 PM
To date, Fannie Mae recently required a minimum of six (6) months to elapse between the time a borrower purchases a home and subsequently applies for a cash-out refinance. Fannie Mae now allows a cash-out refinance within six (6) months of a purchase transaction when no financing was obtained for the purchase transaction under the following parameters: The new loan amount is not more than the actual documented amount of the borrower’s initial investment in purchasing the property, plus the financing of closing costs, prepaid fees, and points (subject to the maximum LTV, CLTV, and HCLTV ratios for the transaction). The … (1 comments)
To date, Fannie Mae recently required a minimum of six (6) months to elapse between the time a borrower purchases a home and subsequently applies for a cash-out refinance. Fannie Mae now allows a cash-out refinance within six (6) months of a purchase transaction when no financing was obtained for the purchase transaction under the following parameters: 
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