Cash Out Refi Primary

What are the current terms for cash out refi on primary with Fannie/Freddie?

Max LTV, seasoning, points, etc


80% OO, cash out with 3 months seasoning!
75% NOO, cash out with 6 months seasoning and proper reserves!

This is being highly scrutinized and some underwriters do the percentages on 95% of value in high risk / high losses to values.

A primary appraisal is ordered and a second appraiser is reviewing first as a desktop. Full Doc, All Tax Returns for 2 Years, Proof of Employment, Etc.

Texas 80% max LTV/CLTV
6 months seasoning to use appraised value.
I would definitely try to avoid do a cash-out on your primary residence using one loan. Texas has very strict laws regarding cash-outs on a primary residence. Contact a local/national bank about a HELOC. Having two liens will give you much more flexibilty in the future.