Cash-out Refinance on Single-Family Home in Palmetto Bay

On behalf of a husband and wife, we obtained a cash-out refinancing through Freddie Mac’s streamlined program, which allowed us to only have to use one year of tax returns. The streamlined program was beneficial to the couple because the husband is self-employed, and the wife had gone through a bankruptcy.  The loan amount was $464,000 at a 30-year fixed interest rate of 5%.  The couple used the cash-out proceeds of approximately $50,000 to pay off credit card debt and to pay for recent upgrades to the house, including hurricane impact windows.