Licensed in the State of Florida

Licensed in the State of New Jersey


Cash out refinance Florida 2016

Pay off debts with a cash out refinance Florida 2016.


Do you want to consolidate debts and reduce your payments?

Need to cash out because of a divorce, balloon mortgage, debt consolidation or pay off your credit cards or a car loan. Bring down your monthly payments with a cash out refinance.

Fannie or Freddie cash out refinance

Fannie Mae or Freddie Mac cash out refinance allows borrowers to refinance up to 85% loan-to-value with a minimum credit score of 620 on a primary residence. And 75% loan-to-value on an investment property 1 unit with a 620 minimum credit score.

FHA has taken the following steps:

  • Update the combination of credit scores and cash out for new borrowers
  • New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 85% loan-to-value cash out
  • New borrowers with less than a 580 credit score maximum cash out 75% loan-to-value 
  • FHA minimum credit score is 500

VA cash out refinance

The VA cash out refinance loan is for Veterans who want to take cash out of their home. The cash can be used to pay off debt, college tuition or making home improvements. The VA will guaranty loans up to 100% of the value of your home.

  • VA minimum credit score is 500

debt to income ratio

Debt to income ratios are the calculations underwriters use to determine whether a borrower can qualify for a mortgage. They are used to determine if you have the capacity to repay your mortgage.

  • Fannie and Freddie maximum debt to income ratio is 45%/55%
  • VA maximum debt to income ratio is 45%/55%
  • FHA DTI ratio is 45%/55% with credit score above 620
  • FHA DTI ratio is 31%/43% with credit score below 580

There are two calculations. The first or Front Ratio is your housing expense-to-income ratio. This is your proposed mortgage payment (principle, interest, taxes, mortgage insurance, and home owners insurance) divided by your gross monthly income.

The second or Back Ratio is your total monthly obligations-to-income ratio. This is your gross monthly payment including Mortgage PITI divided by your gross monthly income.

Apply for a cash out refinance now!


Cash out refinance Florida 2016

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Call us 888.958.5382


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We look forward to working with you.

Credit score needed

for a cash out refinance



FHA credit score

FHA requires a minimum 500 credit score to refinance

500 credit score

VA credit score

VA requires a minimum 500 credit score to refinance

500 credit score

Fannie Mae credit score

Fannie Mae requires a minimum 620 credit score to refinance

620 credit score

Freddie Mac credit score

Freddie Mac requires a minimum 620 credit score to refinance

620 credit score


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888-958-5382

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