FHA Cash Out Refinance

What is a FHA Cash Out Refinance Loan

An FHA mortgage is backed by the Federal Government and was designed to promote home ownership in America for everyone, even those who are first time buyers, have less than perfect credit, have low income or a limited amount of money for a down payment. An FHA mortgage makes the American dream of home ownership a reality for millions of Americans.

Who is eligible for this loan?

Eligibility requirements for an FHA mortgage are pretty flexible. They include:

• Minimum credit scores as low as 580
• Bankruptcy or foreclosure seasoning of just 3 years and 1 day
• Current on current mortgage payments
• US Citizen or legal resident alien

What are the benefits of this loan?

• Cash out up to 85% of appraised value
• Reduced Credit score and credit history requirements
• Reduced Debt ratio requirements
• Lower interest rates than Conventional loans