Fannie Mae will now allow for cash out within six months of a purchase transaction under the following parameters:

1. The property was purchased all cash and no financing
2. The new loan amount is not more than the actual documented amount of the borrower’s initail investment in purchasing the property
3. The purchase transaction was an arms-length transaction
4. The purchase is documented with a HUD-1 which confirms no financing
5. Title must show no liens on the property
6. The source of funds for the purchase can be documented
7. All other cash-out refinance requirements are met and cash out pricing applies
8. DU approval is required

Call now for more details! 310-318-8999