Licensed in the State of Florida


Cash Out Refinance

Pay off debts with a FHA cash out refinance.


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.

FHA cash out refinance

FHA refinance allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe, therefore repaying their current mortgage and using the equity they have built up in their home to take out another larger mortgage.

FHA refinance allows cash out amount up to 85% of the value of the property with a minimum credit score of 550.

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 550 to qualify for FHA's 85% loan-to-value cash out
  • New borrowers with less than a 550 credit score maximum cash out 75% loan-to-value 
  • FHA minimum credit score is 500

Cash Out Refinance


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

* Home Improvements
* Bill Consolidation
* Large Purchases
* Investments
* Schooling
* Vacation
* 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 refinance for 1-4 unit properties.


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!



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What Credit Score is Needed

to Cash Out?


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FHA loans

FHA requires a minimum 500 credit score to refinance

500 credit score

VA loans

VA requires a minimum 500 credit score to refinance

500 credit score

Fannie Mae

Fannie Mae requires a minimum 620 credit score to refinance

620 credit score

Freddie Mac

Freddie Mac requires a minimum 620 credit score to refinance

620 credit score


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