12 Mos Seasoning on Cash Out Refi?

Sorry so many posts lately, just going through the refinance process now.

I own a house with 6 months seasoning. Most lenders are saying they want 12 months seasoning or they use the purchase price ------not the new appraisal value for a refi which is basically not a cash out then. My broker mentioned a new Fannie Mae guideline for cash out’s.

I have found 2 lenders that will do a cash out with low seasoning but I will need more than that if I continue to purchase houses, fix them up, then rent them after cashing out.

Any thoughts on how to get around this?


Unless Fannie Mae has just very recently changed their guidelines they have no seasoning requirement on cash-outs. There are several lenders that will lend up to 75% LTV on a no seasoning cash-out for stated and no ratio and up to 85% on a full doc no seasoning cash-out. I have read several times on this board and others about 90% being available with higher FICO’s. I have not seen that product myself, but based on the word of other brokers on this site that I hold in high regard I know that it exists.

Anyone know how to get Fannie Mae guidelines in writing concerning cash out refi’s?


They have the guidelines posted online. Be aware though that many lenders have their own guidelines in place that supercede the Fannie/Freddie guidelines. Especially when it comes to cash-outs. And when I say that I mean more strict guidelines not less strict.


Fannie mae absolutely has no seasoning requirements. So any type of conforming loan could be done as cash out immediately after you purchase the property. However, lenders may choose a stricter policy by implementing their own seasoning. The majority are at 12, a few a 6, a couple at zero.

90% as stated and no ratio can be done with a 720 (sfr) 740 (2-4 unit). Can only own 5 investment properties though.

The majority of lenders with zero have ltvs from 75-85%

By the way, you never answered on who the lenders were that do 90% cash out no seasoning at 9%.