February 16th, 2011 10:55 AM by Eric Fang
Fannie Mae has a requirement for cash-our refi.1)Everyone knows that if you use cash to acquire a property, then it's better to wait for 6 months to do a cash-out refi.
2)But if you did a cash-out refi, then if you want to do a non cash-out refi again, you will have to wait 6 months(some lenders required 6 payments); or you will have to do another cash-out refinance.
So sometimes when my clients did a cash-out for a few thousand dollars, then they will have to wait 2 extra months to do another refi for non cash-out.