The number of cash out refinancing loans has increased significantly this year. Homeowners with low credit scores continue to use FHA to get access to bad credit mortgage programs. Many homeowners have been cashing in their home equity to refinance credit cards and student loans. In the past FHA lending guidelines had prohibited borrowers from receiving cash back in a refinance transaction, but now the FHA loan programs have expanded to offer cash out transactions up to 85% loan to value.
Refinance with & get cash back from the FHA Loan Experts for mortgage refinancing!
If you have a 1st and 2nd mortgage, we suggest combining them together into one lower mortgage with fixed interest rate. Borrowers who have chosen these 85% FHA loans continue to speak highly of them, so they are clearly worth considering when it's time for you to refinance. For example if your mortgage balance is $140,000 and your property is worth $200,000, you would be eligible for cash refinancing up to $30,000. (Based on cash out guidelines that extend funds up to 85% loan to value.)