Cash Out vs. No Cash Out

*Agency No Cash Out Refinance may only include the following:

• the payoff of the outstanding principal balance of an existing first mortgage,

• the pay off of the outstanding principal balance of an existing subordinate mortgage that was used in whole to acquire the subject property,

• the financing of closing costs (including prepaid expenses), and

• cash back to the borrower in an amount no more than the lesser of 2% of the balance of the new refinance mortgage or $2000.00

* Agency means FannieMae and FreddieMac Loans