Fannie Mae's Minimum Credit Score Required for Cash Out Products is a 620 Middle Score or Decision Score. Decision Score is the Middle of Three Scores or the Lower of Two Scores.
Fannie Mae's Maximum Loan To Value if Second Home Cash Out is 75%. Maximum 75% if Second Home is a Stick Built One Unit Property. Example. If Property Appraised for 100K, Cash Out Max is 75K. Seventy Five Percent of Appraised Value equals 75% Loan to Value.
Fannie Mae allows Cash Out if Primary Residence, Second Home or Investment Property.
Fannie Mae Defines a Second Home as a One Unit Property. Multi Unit Properties are Ineligible.
Self Employed Borrowers are Accepted with No Additional Restrictions or Requirements. Standard Self Employment Income Documentation Requirements can include Two Years of Complete Tax Returns including all Schedules.
Fannie Mae has No Cash Out Maximums or Limits. Maximum Loan Limits by County Apply.
Protecting The Cash Out Refinance Borrower
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If You Need Help Understanding Second Home Cash Out Qualification Requirements.
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