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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.
Ideally, to qualify for a cash-out refinance at acceptable rates and terms, you should have at least 36 to 48 months of seasoning on your existing mortgage. Maximum Loan-to-Value (LTV) Limits â Regardless of seasoning, there are strict limits on the amount of money you can receive in any cash-out refinance.