A cash-out refinance replaces your existing primary mortgage with a new, larger loan balance, allowing you to withdraw accumulated home equity as a lump-sum, tax-free cash payout.
1. Conforming Cash-Out Underwriting Parameters
The 80% Loan-to-Value (LTV) Ceiling
Under Fannie Mae and Freddie Mac guidelines, conventional cash-out refinances on primary residences in Clark County are capped at a maximum of 80% LTV. For example, on a home appraised at $600,000, your maximum total mortgage is $480,000.
| Property Type | Maximum Cash-Out LTV | Minimum FICO Score | Title Seasoning Requirement |
|---|---|---|---|
| Primary Residence (1-Unit) | 80.00% LTV | 620 (Conventional) / 580 (FHA 80%) | 6 Months from purchase date |
| Second / Vacation Home | 75.00% LTV | 680 Minimum | 6 Months on title |
| Investment Property (1-Unit) | 75.00% LTV | 680 (Conventional) / 660 (DSCR) | 6 Months on title |