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For a cash-out refi on a home the borrower lives in, generally, the lowest credit score is 640, according to Fannie Mae's standards. But such a loan comes with caveats. The borrower can't have an LTV ratio higher than 75%, must have 6 months of reserves in the bank and a debt-to-income ratio of 36% or lower.
You may be able to shorten the waiting period to two years for a Fannie or Freddie loan if you can also meet the following requirements: 1  prove in writing that the short sale was the result of extenuating circumstances, and. 2  the maximum loan-to-value (LTV) ratio of the new mortgage is 90%.