FHA World - Cash Out
The FHA Cash Out loan program allows for a mortgage refinances of owner occupied properties. 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.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.
The cash out from your refinance mortgage can be used for any of the following:
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?
FHA cash out - 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 cash-out refinance.
FHA refinance allows you to refinance cash-out up to 80% of the value of the property with a minimum credit score of 500.
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 80% of the value of the property with a minimum credit score of 500.
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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans.
We look forward to working with you.
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
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
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
FHA guidelines requires three year past from the date of sale of the property
What documentation will I need?
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