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mitchiem
172 Posts |
 Posted - 07/11/2008 : 3:46:17 PM
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Does anyone know what the new FNMA seasoning requirements will be for cash out on a NOO property?
Thks
Mitch |
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liverichly
3936 Posts |
Posted - 07/11/2008 : 4:24:45 PM
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| 12 months? Just a guess. |
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craigppls
683 Posts |
Posted - 07/11/2008 : 10:17:15 PM
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| bump |
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MandTDean
244 Posts |
Posted - 07/11/2008 : 10:29:24 PM
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There are no new "seasoning requirements" to the best of my knowledge. It has been 12 months for a long time if you want to use appraised value, otherwise you are limited to original purchase price for a valuation basis.
The only new "seasoning requirement" they have is in regard to delivery of loans to them. You can't let the file sit on a shelf too long or else you're going to need to recert the value. Here is a link to the PDF announcement. P.S. The bankruptcy changes are a good read as well as using current residence for rental purposes.
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf |
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liverichly
3936 Posts |
Posted - 07/12/2008 : 12:54:06 PM
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| Well that ***** about the 30% equity guideline... oh well... |
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