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I was told that I could not even apply for the cash out until 6 months after the original purchase had closed. I thought that it was indicated to me that this was a Fannie requirement,

Hi D.M, thanks for the info. I can understand why the Loan Officer thought it didn't make sense for you to apply, as it appears there once was a Fannie guideline requiring 6 months of seasoning. It now appears the guidelines have been loosened.

I'm now confident the borrower I'm working with will be able to complete the new loan within the next 30 days, even though he purchased last month. Glad it's a refi. Had this been a purchase I would have done much more due diligence before submitting the loan app. Purchase loans have the potential to be stressful. I'll never allow a refinance to cause sleep loss.
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