Fannie Mae requires a borrower to have purchased or acquired a property for at least 6 months before they can take cash-out. The exception is when the borrower acquired the property through an inheritance or was legally awarded the property through divorce, separation or dissolution of a domestic partnership.
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Answer: [tweet-start]A borrower must own a property for 6 months to do a Fannie Mae cash-out. There are some exceptions, so call me first.[tweet-end] Yes, however the person quit claimed “on” to the property would have to wait six months from change of title ‒ UNLESS you can meet and prove the property was acquired […]