Did FNMA cash-out refinance just open up for 5-10?

[Lynn McGeein]

Reading through FNMA rules for cash-out refinance, and don't see the rule anymore where you have to use delayed financing rule only for 5-10 (which we don't meet)?  It looks like we can now get a cash-out refinance on a paid-off investment property even though we already have more than 4 mortgages?     Here is some of the rules I just read:

"If the borrower will have one to six financed properties, Fannie Mae's standard eligibility policies apply (for example, LTV ratios and minimum credit scores). If the borrower will have seven to ten financed properties, the mortgage loan must have a minimum representative credit score of 720; all other standard eligibility policies apply. "

[Upen Patel]

@Lynn McGeein You are reading purchase loan guidelines. How do these apply to cash-out refi. Its good that you are reading up on guidelines, but you should ready them completely (not just part of it) and should be reading the correct one.

@Russell Brazil @Chris M.