Fannie Mae – Adding New Person to Title for Cash-Out

Question: My client has owned a property for 12 months and wants to add his friend to the title so that they can do a cash-out refinance to pay off the mortgage and cash-out the money spent on renovating the property. Is there a waiting period involved, and how do I document this file? Answer: [...]

2019-08-21T12:25:08-05:00August 26th, 2019|

Fannie Mae Selling Guide Announcement SEL–2019-06 – Dated July 3, 2019

Written by: Lloyd Rutherford, Staff Writer Important updates from Fannie Mae’s seller bulletin, especially for those of you working with HomeReady® Buyers! Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. The updates announced in this Selling Guide Announcement that [...]

2019-07-09T10:50:39-05:00July 10th, 2019|

VA Revisions to Cash-Out Refinance Program – Circular 26-19-05 – Change 1, and Exhibit A Dated February 14 & 15, 2019

Written By: Tracey Rumsey, Staff Writer VA has made last minute announcements and provided a new Exhibit for their new Cash Out Refinance Rules that are effective with applications taken on or after today, February 15, 2019.  In order to provide you with some coping resources for this massive change: the 2 new Circulars have  [...]

2019-02-15T16:04:35-05:00February 15th, 2019|

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 [...]

2019-01-25T08:36:48-05:00January 25th, 2019|