Cash-out

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|

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 [...]

2018-09-25T09:34:48-05:00September 21st, 2018|