✅ QM Refinance Products

Backed by Fannie Mae, Freddie Mac, FHA, VA, or USDA — standard full-doc loans.

1. Conventional (Fannie/Freddie)

✔️ Rate & Term

• Lower your interest rate or change loan term (e.g., 30 → 15 years)

• Full income, asset, and credit underwriting

• Max LTV: ~97% (limited cash-out), 95% (standard R&T)

💰 Cash-Out

• Max LTV: 80% (primary), 75% (second homes), 70% (investment)

• Must meet standard DTI and credit guidelines

• Must own property for 6 months minimum (some exceptions)

2. FHA

✔️ Rate & Term Refinance

• Up to 97.75% LTV

• Flexible credit and DTI

• Full doc required (unless using streamline)

💰 Cash-Out Refi

• Max LTV: 80%

• Must have lived in home for 12 months

• Full income and credit underwriting

🚪 Streamline Refi (FHA-to-FHA)

• No appraisal required

• No income verification

• Must be current on mortgage (no late payments in last 12 months)

• Must show a net tangible benefit (e.g., lower rate or payment)

3. VA

✔️ Rate & Term Refinance (aka VA IRRRL)

• No appraisal, income, or asset verification

• Only for VA-to-VA loans

• Must lower payment or rate (net tangible benefit)

• Must have made 6+ consecutive payments

💰 Cash-Out Refi

• Up to 90–100% LTV, depending on lender

• Can pay off other liens or take cash in hand

• Full credit, income, and appraisal required

4. USDA

✔️ Rate & Term Refi

• Available through USDA Streamlined Assist

• No appraisal or credit required in some cases

• Borrower must have made 12 months of on-time payments

💰 Cash-Out

• Not allowed on USDA loans

• Can refinance loan balance and closing costs only