The FHA cash-out refinancing option is especially beneficial to homeowners whose property has increased in market value since the home was purchased.

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July 28, 2015
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FHA Cash-Out Refinance

Learn About Your Mortgage Options

Homeowners enjoy the benefits of investing in their property year after year. For some, there comes a time when that investment can come in handy. Refinancing with an FHA loan can prove to be an effective way to put that equity to work. If you own a home you still owe mortgage payments on, chances are you're examining your refinancing options. In today's economy everyone needs a way to lower monthly payments and make housing more affordable. The FHA has a variety of refinancing option, including the cash-out refinance loan.

FHA Refinancing With a Cash-Out Loan

In order to get the most benefit from refinancing your mortgage, it is often best to consider refinancing after you have had time to build up a significant amount of equity in your home. If the property was purchased more than one year prior to the refinance, the homeowner can refinance the existing mortgage for up to 85 percent of the appraised value plus the allowable closing costs, which vary from state to state.

While economic news fluctuates back and forth between good and bad news, HUD and the FHA aren't taking any chances with the current housing market. According to a 2009 memo from the Department of Housing and Urban Development, the FHA is changing the rules for FHA cash-out refinancing due in part to "...the continued deterioration in the housing market, and FHA's need to limit its exposure to undue risk".

FHA Loan Articles

Read About Mortgage News, FHA Updates, and Guidelines
FHA Debt Ratios and FHA Loan Approval

Your debt to income ratio is a very important factor in the FHA loan application process. Do you wonder how existing debts affect your chances? What about debts that are scheduled to be paid off at some point in the near future?

Do Tax Liens Affect FHA Loan Applications?

There’s a question that comes up from time to time from borrowers who may owe federal taxes and want to apply for an FHA loan. Does the simple fact that a borrower has a tax lien exclude them from applying for an FHA home loan?

FHA Loans and Your Tax Records

All FHA borrowers should be prepared to include tax information with the mortgage loan application. The actual requirement can vary depending on lender standards, state law, and whether the borrower is self employed or not.

Streamlined FHA 203(k) Rehabilitation Loans

The FHA offers something called a 203(k) Rehab loan for borrowers who want to purchase and rehab a property. This is a great loan offering, but what about borrowers who don’t need to do extensive rehab work to a home?

FHA Extends Refinance Program for Underwater Borrowers

In 2010, the FHA offered a program designed to help those who were underwater on their home loans, owing more on the loan than the property was worth. That program was called FHA Refinance Of Borrowers In Negative Equity Positions.