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Is there a waiting period required before a cash-out refinance is allowed on inherited property?

At least one borrower must have been on title to the subject property for at least six months prior to the disbursement date of the new loan, however, there is no waiting period if the lender documents that the borrower acquired the property through an inheritance or was legally awarded the property (divorce, separation, or dissolution of a domestic partnership). 

If an existing first mortgage is being paid off through the transaction, it must be at least 12 months old at the time of refinance, as measured by the note date of the existing loan to the note date of the new loan. This requirement does not apply

  • to any existing subordinate liens being paid off through the transaction,
  • or when buying out a co-owner pursuant to a legal agreement.

For additional information, see B2-1.3-03, Cash-Out Refinance Transactions.

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