Licensed in the State of Florida

Licensed in the State of New Jersey


FHA cash out


The FHA cash out loan program allows for a mortgage refinance of an owner occupied property. The maximum cash out refinance loan cannot exceed 85% of the appraised value of the home, which is 5% more than on a conventional loan. The minimum credit score is 580 for 85% Loan-to-Value.

As cash out refinance mortgage is defined as follows: A mortgage refinance where 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.

A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA cash out loan than a for a conventional loan. Sometimes scores down to 500 are accepted if there are compensating factors that offset the credit risk.

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 refinance 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)

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FHA Cash Out
Minimum Credit Score Needed
to Refinance


Many times there are other important debts you have to pay off or will need to pay off in the near future. Refinancing for more than you currently owe will allow you to receive a large amount of money to pay for these investments, whether it be for college, home improvement, or buying a car. Many times you can do so while getting a lower interest rate.

FHA requires a minimum credit score of 500 to refinance


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