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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.
Well first of all you can't be current on your mortgage if you are doing a short sale, maybe two years ago you could, but not anymore. Fannie mae guideline is 3 years for short sale or forclosure and 2 years for VA. We just did a VA purchase in Sept. on a couple that we had short sold 2 years ago.