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Personal Finances / Buying or Selling a Home


Subject:  Cash out refi on recent purchase Date:  2/13/2013  1:14 PM
Author:  crackdclaw Number:  124759 of 128866

Any one see issues in getting a loan approved under the following scenario? Primary home purchased for cash in January, source of funds is from sale of previous primary residence, and both sale and purchase are documented with HUD1s. Application taken in Feb., representing a loan amount of $400k and an LTV that < 60% of sales price.

I can't find guidelines that prevent this loan, but I seem to remember there is a seasoning requirement on ownership prior to allowing a cash out transaction. Loan receives an Accept from Fannie decision engine, but I'm not so sure. Loan would have to follow Fannie guidelines.
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