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They're pretty simple. Some lenders treat it as a purchase (there are closing costs associated, but you can use SPCCs to cover). Others treat it as a refi and you can roll in closing costs. It's basically a wash either way, except one way removes recission.
For me, I need 12m cancelled checks. I'll use the appraised value to drive LTV. No cash-out, however. Let me know if I can help.
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