FHA Cash-Out Refinance – Are You Eligible?
If you have equity in your home, you may wonder how you can access it. You don’t want to sell your home, but you know you’ve earned a profit from it. We have many options to secure your home’s equity, one of which is the FHA cash-out refinance. Unlike the FHA streamline refinance, you don’t have to be a current FHA borrower. As long as you meet the requirements below, you can use an FHA loan to cash into your home’s equity. Qualifying for the FHA Cash-Out Refinance Like an FHA purchase loan, the FHA cash-out refinance has simple requirements: Minimum 600 credit score Maximum 43% debt-to-income ratio Proof you’ll occupy…