Tag: waiting period

Waiting Period for a Cash-Out Refinance

Question: If a property was purchased in November of 2019, when can my client close in order to get cash-out?  MC Refinance Chart – All Agency Guidance Answer: Six months from the date of recording of the purchase transaction. Reference:Fannie Mae Selling GuideB2-1.2-03 [Article Published in Question & Answer Issue – May 25, 2020] Copyright […]

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Waiting Period for a VA Cash-Out Refinance

Question: My applicant used a private mortgage to buy a property.  They now want to do a VA Cash-Out refinance.  What is the waiting period to do this? Answer: VA does not have a seasoning requirement when the loan being refinanced is not a VA loan.  (See the excerpt from the latest Circular on this […]

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Waiting Period After Loan Modification

Question: How long do you need to wait to refinance a borrower who did a loan modification for a conventional loan? Answer: I’m not sure I can get you something that tells you specific dates or timelines since this topic was removed. Check out the comments below and then seek out the sections below for […]

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What is the waiting period for a conventional purchase with a loan modification on the borrower’s current residence?

Answer: There is no written or defined timeline from either agency (Fannie or Freddie). In fact, they do not address a modification except for a one that may be needed for construction-to-perm loan. It is not listed as a topic under their significant derogatory credit requirements. The outcome of the ‘timeline’ allowable is most likely […]

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