? for loan officers

My client bought home 11/06 signed a 15 year fixed putting 20% down. They now (4 months later) want to move to a 30 year fixed and get $20k cash out. We were ready to move on a deal where I would refi the first into a 30 year fixed, once it funds we would do a small second for their cash out. Client says he got called by another LO saying he could refi them and get their cash out all in one loan without them paying PMI. Question is: Is this possible? My understanding is on a cash out refi there is a 6-12 month seasoning requirement depending on the investor. Borrower was to pay fees out of pocket as to simply accomplish their straight rate/term refi without going over 80%LTV, then close on a small second once that funded.
Borrower has good income and 750 fico.
Should I tell him good luck or fight for this one?

fight there are a couple of lenders who will do this without title seasoning and i know of one that will do it with three months seasoning but as far as the pmi i think he will still have to pay that

Yep, you can do that. I do it all the time.


You are saying you do >80% LTV cash-outs without MI?

I may be misunderstanding the question, but, B/C Lenders do it all the time. Rates are obviously higher…

I assumed she meant conventional. I may be wrong though.