Tag: Cash-Out Refinance

Fannie Mae & VA – DU for Government Loans, Updates for VA Cash-Out Refinances, January 22, 2019, Effective February 15, 2019 – New Chart – VA Refinance Comparison Chart- Updated VA Cash-Out Refinance Checklist

Written By: Tracey Rumsey, Staff Writer Anyone working with Veteran clients needs to read this update.  There are important changes to the cash-out refinance program that you must be aware of. Rule Synopsis: Desktop Underwriter for Government Loans will be updated the weekend of February 16, 2019.  The updates will support the changes to VA cash-out […]

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Fannie Mae – Cash-Out Refinance LLC: If a client who owned a property free and clear under his LLC company for a year, can he do a cash out refinance under his LLC company?

Answer: If the property was owned prior to closing by a limited liability corporation (LLC) that is majority-owned or controlled by the borrower(s), the time it was held by the LLC may be counted towards meeting the borrower’s six-month ownership requirement. The issue is that you would need to transfer title from the LLC to […]

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Fannie Mae – Divorced Client-Refinance Type: If a borrower is on the title but not on the loan and wants to refinance the property assigned to her in the divorce, is this a rate/term or cash-out? [Divorce Chart]

Answer: Follow the highlighted text below. You should be able to do a limited cash-out refinance on this loan even if she has not been on title. Fannie Mae got rid of their ‘continuity of obligation’ rules a couple years ago. Reference: B2-1.2-02, Limited Cash-Out Refinance Transactions (02/27/2018) Introduction This topic contains information on limited […]

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