Cash Out Refinance Florida

FHA World - Cash Out Refinance Florida

The FHA Cash Out loan program allows for a mortgage refinance of owner occupied properties. The maximum cash out loan cannot exceed 85% of the appraised value of the home.

Conventional Cash Out loan program allows for a mortgage refinance of owner occupied properties. The maximum cash out loan cannot exceed 80% of the appraised value of the home.

A cash out is defined as follows: A mortgage refinance where the borrower gets more than $2,000 back after close of transaction, and / or, any refinance that involves consolidating a second mortgage or equity line that is less than 1 year old.

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

  • Home Improvements
  • Bill Consolidation (and mortgage if second is less than 1 year old)
  • Large Purchases
  • Schooling
  • Vacation
  • Investment(s)
  • Cash

You do not have to have an existing FHA loan in order to do a cash-out refinance. You may use the cash out for 1-4 unit properties.

What documentation will I need?

  • W2's for the past 2 years
  • Current pay stubs for the past month
  • Bank statements for last 2 months for each active account with sufficient reserves (all pages)
  • Latest retirement statement for each active account (all pages)
  • Clear copy of Driver’s License
  • Clear copy of SS card
  • Addresses and loan information of other real estate owned (if any)
  • Personal tax returns for the past 2 years, current income statement & balance sheet for business (self-employed only)


Apply for a Cash Out Refinance in Florida.

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2019 FHA Credit Score needed to buy
a condo or refinance


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

FHA requires a minimum credit score of 500 to buy a home or refinance


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


What documentation will I need?

  • Personal tax returns for the past 2 years
  • Current pay stubs for the past month
  • Bank statements for last 2 months (all pages)
  • Clear copy of Driver’s License (front and back)
  • Clear copy of SS card (front and back)

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