Tag: Cash-out

Cash-Out Refinance Waiting Period on an Inherited Property

Question: Our client inherited a property from her mother and wants to rent it out.  When can she do a cash-out refinance on that property so that she has the available funds to fix up the property? Answer: It sounds like she was awarded the property and should be able to refinance the home into […]

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Paying Off a Construction Loan Using VA Financing

Question: We have a VA client that bought a lot and then built a home using construction financing through a local bank. Both the lot and the loan are in our client’s name. The property is now finished, and they want to refinance to consolidate the lot loan and construction loan.  Is this a cash-out […]

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Modified Loans When Combining Deferred Balance – Rate-Term Refinance or Cash-Out Refinance?

Question: Our client has a first mortgage that was modified a couple of years after they purchased it.  The mortgage statement indicates a “deferred balance”.  If they want to combine these into one loan is this a cash-out or rate-term refinance? Answer: If there is no formal institutional 2nd lien on the property and he […]

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If a HELOC Is the Only Mortgage, Is the Refinance a Rate/term or Cash-Out?

Question: My client’s first mortgage is a HELOC.  They want to refinance in order pay off the HELOC and close that line of credit. Is this a Cash-Out or a Rate/Term Refinance?  MC Chart – Refinance Loans – All Agency Guidance Answer: Fannie allows you to treat as rate and term without regard to identifying […]

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Fannie Mae Selling Guide Announcement SEL–2020-03 – Dated June 3, 2020

Written by: Lloyd Rutherford, Staff Writer This bulletin is FULL of important updates.  Make sure that you read through the various changes that may apply to your business. 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 […]

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