Freddie Mac Seller/Servicer Guide 4404.1: Land contract; contract for deed
■ “No cash-out” refinance Mortgages When the proceeds of a Mortgage are used to pay the outstanding balance under a land contract or contract for deed, the Mortgage may be considered either a purchase or a “no cash-out” refinance Mortgage if the requirements in this section are met.
Freddie Mac publishes the full text of this section: Freddie Mac Seller/Servicer Guide 4404.1 on the Freddie Mac website. Zeitro Strata answers questions about it with the passage and page cited.
What this section covers
- (a) Purchase transaction Mortgages
- (b) “No cash-out” refinance Mortgages
Guideline text quoted as published by the agency. The latest published version governs. This is not an underwriting decision.