FHA Cash Out

Pay off debts with an FHA cash out refinance.


Has your mortgage been paid on time for the last 12 months?

If it has then you've met the first requirement of an FHA refinance.

Need to refinance 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 refinance. Do you want to consolidate debts and reduce your payments?

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 you to refinance up to 85% of the value of the property with a minimum credit score of 500.

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 500 to qualify for FHA's 85% loan-to-value cash out
  • FHA minimum credit score is 500

FHA Cash Out Refinance


The cash 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 refinance. You may refinance 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.

  • FHA DTI ratio is 40%/50% or can be higher based on DU approval with credit score above 580
  • FHA DTI ratio is 31%/43% or can be higher based on DU approval 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 an FHA refinance now! 



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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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