Fannie and Freddie do not require a letter of explanation regarding the reason for a cash-out refinance.
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Answer: [tweet-start]A letter of explanation is not required by Fannie or Freddie for a cash-out refinance.[tweet-end] Fannie and Freddie stopped requiring letters of explanation on purpose of cash-out many, many years ago. Of course, a lender still has the autonomy to ask the question and that is their prerogative, but it is not a Fannie/Freddie […]