Tag: Cash-out

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  […]

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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 – Cash-Out Refinance-New Spouse- Can a borrower who owns a property individually do a cash-out refinance where we add a new spouse to the loan and title?

Answer: A lot of underwriters get confused on this type of transaction, and provide a condition that the new spouse must reside there for 6 months before they can do what you are mentioning. That would be true IF the occupant was not also going to be a borrower on the loan.  Since you have […]

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