Cash Out Refinancing >6 months seasoning?

[Rick L.]

My mortgage broker and I dropped the ball. I'm WAS in the process of performing a cash out refinance on my 4th investment property that I purchased about six weeks ago. I just finished remodeling the place utilizing my HELOC. I've had a credit report pulled, and even received an appraisal.

However, during the underwriting process it was revealed that I'm required to own the property for at least 6 months (NOT 6 WEEKS) in order to perform a cash out refinance.  Does anyone have any suggestions to get this deal done?!?

[Russell Brazil]

So in less than 6 months you should be able to do a cash out refinance based on the purchase price of the property. If you want to do a cash out refinance based on the ARV, then you have to wait 6 months. However keep in mind also that you can only do a cash out refinance on properties 1 through 4. Once you hit #5, you can still get a Fannie loan up to the 10 limit, but you can not do a cash out refinance on them.

This little chart from Fannie Mae...its a little complicated at first, but the information is invaluable. Also keep in mind I think they update the eligibility matrix every year.

https://www.fanniemae.com/content/eligibility_information/eligibility-matrix.pdf