{"id":54188,"date":"2021-08-23T06:12:47","date_gmt":"2021-08-23T13:12:47","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=54188"},"modified":"2021-09-21T17:31:20","modified_gmt":"2021-09-22T00:31:20","slug":"fha-cash-out-refinance-requirements-and-guidelines","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/fha-cash-out-refinance\/","title":{"rendered":"FHA Cash-Out Refinance Requirements and Guidelines"},"content":{"rendered":"<p>An FHA cash-out refinance can be an easy and affordable way to access your home equity for a variety of productive purposes. For example, you can use the cash from a cash-out refinance to consolidate high-interest debt, complete home improvement projects, or purchase an investment property.<\/p>\n<p>FHA cash-out refinances also have less stringent credit and income requirements than other consumer loan options, while still offering competitive rates.<\/p>\n<p><b>Here\u2019s a closer look at FHA cash-out refinances:<\/b><\/p>\n<ul>\n<li><a href=\"#what-fha-cash-out-refinance-work\">What is an FHA cash-out refinance and how does it work?<\/a><\/li>\n<li><a href=\"#how-qualify-fha-cash-out\">How do you qualify for an FHA cash-out refinance?<\/a><\/li>\n<li><a href=\"#pros-cons-cash-out-refinance\">Pros and cons of an FHA cash-out refinance<\/a><\/li>\n<\/ul>\n<p><a name=\"what-fha-cash-out-refinance-work\"><\/a><\/p>\n<h2>What is an FHA cash-out refinance and how does it work?<\/h2>\n<p>An FHA cash-out refinance allows you to <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/refinance-fha-loan\/\">refinance your existing FHA loan<\/a> and take out a lump sum of cash in the process.<\/p>\n<p>Similar to a traditional <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/cash-out-refinancing\/\">cash-out refinance<\/a>, you\u2019ll get a new interest rate and repayment terms, and you can borrow up to 80% of the home\u2019s value minus your remaining loan balance. The key difference is that your new loan will be insured by the Federal Housing Administration rather than a lender.<\/p>\n<p>You can use your lump-sum payment any way you like, but here are some common reasons people tap their equity:<\/p>\n<ul>\n<li>Home renovations<\/li>\n<li>Emergency bills<\/li>\n<li>Credit card debt<\/li>\n<li>Personal loans<\/li>\n<li>Education costs<\/li>\n<li>Second home purchase<\/li>\n<\/ul>\n<p>In addition to the flexibility, FHA loans often have lower interest rates than personal loans and credit card interest rates, making them a more attractive option to homeowners.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>What about taxes?<\/b> Due to the 2017 federal tax reforms, your cash-out refinance mortgage payments are less likely to be <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/cash-out-refinance-tax-implications\/\">tax-deductible<\/a>. However, your payments may qualify for the mortgage interest deduction if you use the funds to make qualifying capital improvements and file an itemized tax return.<\/p>\n<p>While it\u2019s harder to <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-interest-deduction\/\">deduct mortgage interest<\/a> payments, your home equity lump sum isn\u2019t considered taxable income \u2014 it\u2019s seen as a loan. As a result, this cash-out refinancing can have better tax treatment than making distributions from a tax-advantaged retirement account.<\/div><\/div>\n<h3>FHA cash-out refinance vs. FHA streamline refinance<\/h3>\n<p>An FHA cash-out refinance is different from the better-known FHA streamline refinance loan program. Streamline refinances, for one, don\u2019t require a home appraisal or credit check.<\/p>\n<p>To qualify for an <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/fha-streamline-refinance\/\">FHA streamline refinance<\/a>, you can only refinance a current FHA loan. The FHA cash-out program, on the other hand, is open to conventional mortgages and government-backed home loans, such as VA loans and USDA loans.<\/p>\n<p>With Credible, you can see personalized <a href=\"https:\/\/www.credible.com\/mortgage-refinance\">mortgage refinance<\/a> rates from all of our partner lenders in a matter of minutes. Checking rates is free and won\u2019t impact your credit score.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><span style=\"font-size: x-large;\"><strong>Find out if refinancing is right for you<\/strong><\/span><\/p>\n<ul class=\"list--iconArrow accent--isGreen\">\n<li><strong>Actual rates from multiple lenders<\/strong> &#8211; In 3 minutes, get actual prequalified rates without impacting your credit score.<\/li>\n<li><strong>Smart technology<\/strong> &#8211; We streamline the questions you need to answer and automate the document upload process.<\/li>\n<li><strong>End-to-end experience<\/strong> &#8211; Complete the entire origination process from rate comparison up to closing, all on Credible.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage-refinance\">Find My Refi Rate<\/a><br \/>\n<small>Checking rates will not affect your credit<\/small><\/p>\n<p><!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<\/div><\/div>\n<a name=\"how-qualify-fha-cash-out\"><\/a><\/p>\n<h2>How do you qualify for an FHA cash-out refinance?<\/h2>\n<p>To qualify for an FHA cash-out refinance, you must satisfy the minimum credit score, debt-to-income ratio (DTI), and home equity guidelines set by the lender.<\/p>\n<p>Here are some of the basic FHA cash-out <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/refinancing-requirements\/\">refinance requirements<\/a> you\u2019ll need to meet:<\/p>\n<ul>\n<li><b>Min. credit score: <\/b>500<\/li>\n<li><b>Max DTI: <\/b>Between 43% and 50%<\/li>\n<li><b>Max loan-to-value ratio (LTV): <\/b>80%<\/li>\n<li><b>Min. amount of home equity: <\/b>20%<\/li>\n<li><b>Min. occupancy period: <\/b>At least one borrower must have lived in the home for at least 12 months before applying<\/li>\n<li><b>Payment history requirements: <\/b>Must have made on-time monthly payments for at least 12 months before applying<\/li>\n<li><b>Qualifying mortgage types: <\/b>Conventional, FHA, VA, and USDA<\/li>\n<\/ul>\n<p>A lender may have different requirements than the FHA refinance guidelines listed above. For example, you may need a credit score of at least 580 to qualify with some lenders, and mortgage companies often want your DTI to be no higher than 43%.<\/p>\n<p>Be sure to compare other <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/home-refinance-options\/\">home refinance options<\/a> to find the best loan terms. You might be able to secure a better deal by refinancing your FHA loan into a conventional loan.<\/p>\n\n<table id=\"tablepress-792\" class=\"tablepress tablepress-id-792 table table-border-top table-rounded table-capitalized-column-titles table-no-img-margin\">\n<thead>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><th class=\"column-2\"><strong>FHA cash-out-refinance<\/strong><\/th><th class=\"column-3\"><strong>Conventional cash-out-refinance<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><strong>Min. credit score<\/strong><\/td><td class=\"column-2\">500+<\/td><td class=\"column-3\">620<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><strong>Min. home equity<\/strong><\/td><td class=\"column-2\">20%<\/td><td class=\"column-3\">20%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><strong>Appraisal requirement<\/strong><\/td><td class=\"column-2\">Yes<\/td><td class=\"column-3\">Yes<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\"><strong>Paperwork<\/strong><\/td><td class=\"column-2\">Proof of income, utility bills to verify at least 12 months of residency, and the last 12 mortgage payments<\/td><td class=\"column-3\">Proof of income, credit report, and tax returns<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\"><strong>Mortgage insurance<\/strong><\/td><td class=\"column-2\">For the life of the loan<\/td><td class=\"column-3\">None if you have at least 20% equity<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\"><strong>Other<\/strong><\/td><td class=\"column-2\"><ul><li>Must live in the property for at least 12 months<\/li><li>No late payments in the last 12 months<\/li><li>Non-FHA loans are eligible<\/li><\/ul><\/td><td class=\"column-3\"><ul><li>Can refinance six months after the original mortgage closing<\/li><li>Can convert FHA loans<\/li><\/ul><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p><b><i>Learn More: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/fha-vs-conventional\/\"><b><i>FHA vs. Conventional Loans: Which One\u2019s Right for You?<\/i><\/b><\/a><\/p>\n<h3>What does an FHA cash-out refinance cost?<\/h3>\n<p>Like a traditional mortgage, you\u2019ll pay <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/the-cost-of-refinancing-your-home\/\">closing costs<\/a> to refinance your current FHA home loan. These fees are approximately 2% to 5% of the loan amount. Some of the closing fees can include:<\/p>\n<ul>\n<li>Appraisal fees<\/li>\n<li>Upfront mortgage insurance premium (UFMIP)<\/li>\n<li>Credit report<\/li>\n<li>Origination fee<\/li>\n<li>Lender fees<\/li>\n<\/ul>\n<p>All FHA loans have an upfront mortgage insurance premium of 1.75% of the loan amount. It\u2019s possible to get a refund credit to offset this charge when you refinance an FHA-insured mortgage within the first three years. The refund is bigger if you refinance sooner.<\/p>\n<p>You\u2019ll also pay an annual mortgage insurance premium for the life of the loan. The only way to <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/fha-mortgage-insurance-removal\/\">remove FHA mortgage insurance<\/a> is by refinancing to a conventional loan.<br \/>\n<a name=\"pros-cons-cash-out-refinance\"><\/a><\/p>\n<h2>Pros and cons of an FHA cash-out refinance<\/h2>\n<p>Here\u2019s a closer look at the advantages and disadvantages of using the FHA cash-out refinance program.<\/p>\n<h3>Pros<\/h3>\n<ul>\n<li><b>Lump-sum payment: <\/b>You\u2019ll receive a lump-sum amount of your available home equity. The funds can be used to improve your property, pay off student loans, or cover other expenses.<\/li>\n<li><b>More relaxed borrower qualifications: <\/b>It can be easier to qualify for an FHA cash-out refi than a traditional cash-out refi when you have <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/refinancing-bad-credit\/\">bad credit<\/a>. Additional lender requirements may still apply.<\/li>\n<li><b>Non-FHA loans can qualify: <\/b>Both FHA loans and non-FHA loans qualify for FHA cash-out refinances. Since they\u2019re insured by the government, FHA loan rates are sometimes better than those offered by conventional lenders.<\/li>\n<li><b>New repayment terms: <\/b>Refinancing allows you to qualify for a new interest rate and monthly payment. Thanks to today\u2019s historically low home loan rates, your new terms might be more favorable than your existing mortgage.<\/li>\n<\/ul>\n<h3>Cons<\/h3>\n<ul>\n<li><b>FHA mortgage insurance premium: <\/b>FHA loans charge an upfront mortgage insurance premium when you sign the closing documents. And unlike other cash-out refinance options, you\u2019ll also have to pay a monthly mortgage insurance premium for the life of the loan (unless you refinance into a conventional loan).<\/li>\n<li><b>Maximum 80% loan-to-value ratio: <\/b>You\u2019ll only be able to refinance your remaining principal and equity up to 80% of the home appraisal value. The first 20% of your home equity is inaccessible and helps secure the loan.<\/li>\n<li><b>Potentially higher interest rates: <\/b><a href=\"https:\/\/www.credible.com\/mortgage\/refinance\/rates\/cash-out-refinance\">Cash-out refinance loan rates<\/a> are usually higher than a no cash-out refinance. You\u2019ll need to decide if tapping your home equity is worth the potentially higher rate and monthly payment.<\/li>\n<li><b>Closing costs and credit check: <\/b>The FHA cash-out refinance application process requires a hard credit check, closing costs, and an appraisal fee. These costs may offset the potential benefits of withdrawing home equity and getting new repayment terms.<\/li>\n<\/ul>\n<p><b><i>Keep Reading: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/home-equity-loan-vs-line-credit\/\"><b><i>HELOC vs. Home Equity Loan: How to Decide<\/i><\/b><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An FHA cash-out refinance can be an easy and affordable way to access your home equity for a variety of productive purposes. For example, you can use the cash from a cash-out refinance to consolidate&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/fha-cash-out-refinance\/\">Continue reading<\/a><\/p>\n","protected":false},"author":127,"featured_media":54191,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1570,1463],"tags":[1568,1528],"class_list":["post-54188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-refinance","category-mortgages","tag-cash-out-refi","tag-mortgage-rates-sidebar-no-table","fha-cash-out-refinance-requirements-and-guidelines","post_tag-cash-out-refi","post_tag-mortgage-rates-sidebar-no-table"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FHA Cash-Out Refinance Requirements and Guidelines - Credible<\/title>\n<meta name=\"description\" content=\"An FHA cash-out refinance lets you use your home equity to cover home improvements and other expenses. 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