FHA Cash Out Refinance Florida

FHA World - FHA Cash Out Refinance Florida

With cash-out refinance you refinance your mortgage for more than you currently owe then pocket the difference. Mortgage guidelines and qualifications have change in recent years. To qualify for a cash out refinance in Florida will depend on your credit score, how much cash out you want, how much you owe on your current mortgage and the value of your home.

The maximum cash out amount on a conventional loan is 80.0% of the value of the property. The maximum cash out amount on a FHA loan is 85.0% of the value of the property. The minimum credit score for a conventional cash out refinance at 80.0% LTV is 620. The minimum credit score for a FHA cash out refinance at 85.0% LTV is 580.

So, depending on your credit score, your balance on your current mortgage, how much cash out your looking for will determine if you qualify and which type of loan is best for you. If your credit score is below the above numbers you can cash out but at a lower loan-to-value.

Minimum credit for a FHA loan is 500.

The cash out from your refinance can be used for any of the following:

* Home Improvements
* Bill Consolidation
* Large Purchases
* Investments
* Schooling
* Vacation
* Cash

How to FHA Cash Out Refinance Florida

FHA World - How to FHA Cash Out Refinance Florida

You will need to decide which cash out refinance will be best for you - a conventional loan or a FHA loan. Remember your credit score, your balance on your mortgage, how much cash you need and the value on your home will help you narrow down your choice.

Will need to get the following documents ready:

* One months pay stubs
* W2's for the last two years
* Three months recent bank statements (all pages)
* Copy of driver's license
* Copy of your Social Security card
* Copy of a recent mortgage statement(s)
* Copy of your homeowner's declaration page

Once you have selected a mortgage company you can forward the above items to them. This will allow the mortgage company to run your application through Fannie Mae or Freddie Mac and get you a loan approval. The loan approval will allow you to know if you have been approved for a refinance without spending anything but your time. You will have to get an appraisal but at least you should know that you do qualify for a new mortgage.

How to Save Money When You Refinance

FHA World - How to Save Money When You Refinance

If you have a good idea that you have enough equity in your home to accomplish your goal than great. But if you have any questions that you may pay for an appraisal and then not be able to refinance. I suggest that before you pay $300.00 or $400.00 for an appraisal you can call a local Realtor and suggest that you might be thinking of selling your home and would like a comparative market analysis.

The comparative market analysis will give you a very good idea if the value of your home will allow you to refinance and get the cash out you want. You will have to pay for an appraisal but this one step should give you the tool you need before you spend any money.

See if the mortgage company will waive their fees:

* Application fee
* Processing fee
* Underwriting fee
* Warehouse fee
* Discount fee
* Broker fee
* Credit report fee

If the mortgage company does not want to waive any of their fees then maybe you have to look for another mortgage company. Most mortgage companies will work with you. Any fee waived can save you from a few hundred dollars to a few thousand dollars.

Cash Out Refinance in Florida

FHA World - FHA Cash Out Refinance Florida

FHA Cash Out Refinance Florida

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Minimum Credit Score to buy a house or refinance

* FHA requirements new borrowers will now be required to have a minimum credit score of 580 to qualify for 3.5% down payment

* FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%

FHA Credit Score

Requires a minimum credit score of 500 to buy a home or refinance

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Collection accounts

A collection is minor in nature usually does not need to be paid off as a condition for loan approval

Bankruptcy

Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date

Foreclosure

Foreclosure must have been resolved for at least 3 years 

  • Government loan: Seasoning is determined by the date the claim was paid
  • Loans other than Government: Seasoning is determined by the date of sale the lender sold the property

Short Sale

FHA guidelines requires three year past from the date of sale of the property

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