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Cash Out FHA LoanFor homeowners from Alabama to North Carolina who have a need for debt relief or cash, the FHA Loan program allows owner occupied properties to be refinanced with cash out solutions at extraordinarily low rates. Under this FHA loan program, the maximum cash out Refinance loan cannot exceed 85% of the appraised value of the home, so there are some limitations. Interested in learning more about the advantages of the FHA cash out refinance program? Why not call one of our expert FHA loan representatives today, or simply use our onlineQuick Mortgage Application to learn more. FHA Cash Out Refinance OverviewThe cash out option for refinancing a home with an FHA loan is not for everyone. Those who are retired, and eligible, should absolutely consider the HUD Reverse Mortgage as the better alternative. For the rest of us, the FHA cash out loan is defined as: Any refinance where the borrower(s) will receive more than $2,000 back after the close of the transaction, and / or, any refinance that consolidates a Second Mortgage or Home Equity line of credit that is less than 12 months old. This guideline applies whether you reside in Missouri or call the great state of Tennessee your home. When considering using the FHA cash out refinance program, for most borrowers, these funds can be used for any of the following purposes;
These are all typically acceptable uses of funds when closing on a cash out loan using the FHA program. The fact is, when considering an FHA cash out loan, there really are very few restrictions on what you can do with the funds. Why not give us a call for a no obligation consultation to learn more? Don't have time to call? Just use our fast and easy online Quick Mortgage Application ! Acceptable Property Types For The Cash Out ProgramAcceptable property types using the FHA loan program for cash out do not vary by state. From California to Mississippi, HUD maintains consistent guidelines for acceptable properties. These acceptable property types Include;
Using the FHA loan program to take cash out has many advantages over traditional financing. Unlike traditional financing the FHA loan program offers beneficial credit and ratio flexibility you'll not find using a traditional refinance program. Why not call today to learn more about how we can help you? Call now! Just complete our quick and easy Online Mortgage Application!
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