Wholesale ALERT – Guideline Update for Jumbo Express & Jumbo Prime
Effective immediately for ALL Jumbo Express and Jumbo Prime loans, the cash-out refinance guidelines have been updated to align with the Fannie Mae seasoning requirements.
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Previous Requirements |
New Requirements |
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Cash-Out Refinance |
· Borrower must have held title for a minimum of six (6) months from disbursement date.
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· Borrower must have held title for a minimum of six (6) months from disbursement date. · If an existing first mortgage is being paid off through the transaction, it must be at least 12 months old at the time of refinance, as measured by the Note Date of the existing loan to the Note Date of the new loan. The requirement does not apply to any existing subordinate liens paid off through the transaction or when buying out a co-owner pursuant to a legal agreement. |
Refer to the revised Jumbo Express and Jumbo Prime Underwriting Manuals for complete details, which will be published on the website (HERE) soon.