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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.
Cash buyers have much more flexibility and could close in a matter of days once the inspection and title insurance is complete. Donât try to be too aggressive on a short closing of <30 days unless you have the utmost confidence that a lender can get the loan done early. (Most of them cannot.)