Fannie Mae's Convoluted Refinance Rules for Seasoning, Title and "Continuity of Obligation" - Reference Chart Included

Just looking at this stuff is scary, ladies and gentlemen. Fannie has seen all of the tricks in the book. As a result, Fannie has come up with some fairly complex rules. They're attempting to allow the legitimate transactions, yet ensure that a purchase is a purchase and a no cash-out is a no cash-out. And surprisingly, I think they did a pretty good job!

(Announcement 08-22, September 5, 2008)

Read More