I am about to get title to a home as part of the disposition of a trust. I need to borrow against the home to (1) pay off siblings to equalizie shares and (2) remodel the home to make it a suitable rental property. I plan to borrow half of the appraised value of the home, so I will still have 50% equity in it. I am being told (by loan reps) that to get this type of mortgage (considered cash-back refinancing) on an investment property, that Fannie Mae requires that the tile must first be in my name for six months. This makes no sense to me, and it makes it impossible for me to remodel and rent the home out quickly. Does this sound correct? Are there any other options or some way to waive this seasoning requirement?