Question:

What are the general specifics of FHA cash-out refinance?

Answer:

FHA cash-out refinance may be easier to qualify for compared to traditional FHA loans, since requirements are looser compared to requirements for taking a conventional loan.

You’ll be eligible sooner after bankruptcy or foreclosure and there is no minimum FICO score requirement.

The property you are taking a cash-out refinance on must be your primary residence and the loan can be up to 95 percent of its appraised value, which is a current change from the recent 85 percent allowed.

The maximum cash you will receive for your property will be the loan amount minus the current debt you have on the property. The cash-out may be used for different purposes, such as education, debt consolidation, investing, etc. Even for a vacation.

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