Changes to Fannie/Freddie Cash-outs starting March 7, 2023

[Hunter Terryn]

Hello BP Fam,

Got word from a lender I work with locally here in Birmingham (Matt White - FirstBank) that seasoning requirements are changing on cash-out refis. 

For cash-out loans closing after March 7, 2023, you'll need 12 months of title seasoning. This will have a big hit on BRRRR investors and flippers looking for an alternative exit strategy.

Get with your lender now and learn more about the change and what options you have!

Happy Investing!

-Hunter

[Erik Estrada]

Hey Hunter, 

Is this going to be implemented in all of Fannie/freddie loans? Or is this specific to FirstBank? A lot of the times banks have overlays that are not consistent with others.