Fannie Mae Announcement 2023-01, dated February 1, 2023, provided an important update to Fannie Mae cash-out seasoning requirements.
Fannie Mae is increasing the seasoning requirement for cash-out refinance transactions from 6 months to 12 months (measured from the Note date of the loan being refinanced to the Note date of the cash-out transaction).
NOTE: There is no change to Fannie Mae’s existing requirement that at least one (1) borrower be on title for a minimum of six (6) months prior to the disbursement date of the new loan
Homebridge will implement this change effective for loans with a Note dated on and after April 1, 2023.
The Homebridge Fannie Mae guidelines have been updated and have been posted on the Homebridge website at www.HomebridgeWholesale.com.
If you have any questions, please contact your Account Executive.