To be eligible for a cash-out refinance transaction the borrower must have held legal title to the lot for at least six months prior to the closing of the permanent mortgage. All other standard cash-out refinance eligibility and underwriting requirements apply as described in B2-1.3-03, Cash-Out Refinance Transactions.
For additional information, see B5-3.1-03, Conversion of Construction-to-Permanent Financing: Two-Closing Transactions.