FHA Cash Out Refinance Loan

What is an FHA Cash Out Loan

An FHA Cash Out Loan is a cash out refinance on your current mortgage. Cash out refinancing is used to get cash out by creating a new larger mortgage loan. You are able to take the equity made on your mortgage, which will increase your loan amount, but get you the cash in the amount that you take out. When you get the cash out from refinancing your FHA loan, you are able to spend it on anything you want. FHA Cash Out Refinancing does not require your current loan be an FHA mortgage but it does have standard requirements to verify your income and property value.

Requirements for an FHA Cash Out Refinance

Eligibility requirements for an FHA mortgage are pretty flexible. They include:

  • Minimum credit scores of 580
  • Principal residence properties only
  • U.S citizen or legal resident
  • No late payments on your current mortgage for at least the past six months

Benefits of an FHA Cash Out Loan

  • Cash out up to 85% of appraised value
  • You get the proceeds in cash
  • Lower interest rate compared to Conventional Loans
  • Low Credit Score acceptable

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