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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.
Fannie Mae will allow the use of an origination appraisal for a subsequent transaction if the following requirements are met: 1  The subsequent transaction may only be a Limited Cash-Out Refinance. 2  The appraisal report must not be more than 12 months old on the note date of the subsequent transaction.