In the past, Fannie Mae required someone to have owned a property for a minimum of six months before they were allowed to pull any available cash equity out of their property. Well that just changed; for the better! Fannie Mae has made the following change: Borrowers who used cash to purchase a property are now eligible for a cash-out refinance if all of the following requirements are met. *The transaction must have been an arms-length transaction. *The borrower must have paid cash for the property at the time of purchase and this must (6 comments)
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Karen Burket
Valley Mortgage Grou, Conventional, FHA, VA, mortgages
You can find great local Medford, OR real estate information on Localism.com Karen Burket-Bank of Oregon Home Loans Conventional, FHA, VA, mortgages is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.