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FHA Cash Out Refinance

 
     
     

Cash Out FHA Refinance

FHA Mortgage Loan Services offers cash out refinance loans for FHA home mortgages to 95%. We are a FHA mortgage lender providing wholesale refinancing rates for all our government mortgage products online. The FHA cash out refinance loan program allows for a mortgage refinance of owner occupied properties. According to the FHA, if you own a 1-2 unit primary residence you may cash out to 95% of the estimated property value. For other property type the maximum cash-out is 85%. With a conventional loan, your loan to value (LTV) has to be 80% or less on a single-family home. The term conventional loan includes loans under the current lending limits set by the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Fannie Mae and Freddie Mac, respectively. Conventional loans are also known as conforming loans.

How much cash out can I get?

  • You can get money for home improvements, bill consolidation, rolling your 2nd mortgage into your first or just about any purpose. The following formula will help you determine how much cash out you can expect to receive with a FHA refinance:

  • Property Value * 95% = New Maximum Loan

  • Maximum Loan - Amount You Own on Your Mortgage = Approx. Cash Out Amount

  • Note: New loan must be within maximum FHA loan limit for area in which property is located. However, with the passage of the Economic Stimulus package and new Housing and Economic Recovery Act of 2008, these loan limits are greatly increased.