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I had my home on the market for a few months earlier this year. I wanted to refinance and take out some cash after taking it off the market. I was told that I had to wait for one year after the house was taken off the market in order to refinance and cash out. I have not been able to confirm this, can anyone tell me if this is true? Thanks.

jveenstra · Posted: Tue Dec 29, 2009 12:30 pm Post subject: Refinance

Fannie Mae in Announcement 08-22 dated September 5, 2008 set the following guideline:

For cash out refinance limited to 70% of value if house was listed in last 6 months. House must be off the market before application date.

For rate and term refinance, any allowable LTV is OK. House must be off the market and write letter why you now plan to stay and not sell.

Local portfolio lenders may allow cash to 80% of value. You need to note the state to get possible local portfolio lender answers if you are looking at over 70% of value cash out. Either that, or, wait until 6 months pass after taking off the market if you are doing cash out.

JKennedySLG · Posted: Tue Dec 29, 2009 1:29 pm Post subject:

As John stated, you're going to be limited to 70% Loan To Value per Fannie Mae. As per the Portfolio Lender I know of, they will allow for up to 80% LTV once home has been off the market for 90 days. Depending on how long ago the property was listed and your location, you may be able to withdrawal some cash from the property.

So to answer your question, no you do not need to wait a whole year before doing a cash-out refinance. I hope this helps...

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