Statements (33)
Predicate | Object |
---|---|
gptkbp:instanceOf |
gptkb:Mortgage_Refinance_Program
|
gptkbp:advantage |
Closing costs apply
Loan limits apply Mortgage insurance required |
gptkbp:alternativeTo |
gptkb:Conventional_cash-out_refinance
|
gptkbp:availableOn |
Single-family homes
2-4 unit properties |
gptkbp:benefit |
Access to home equity as cash
Potentially lower interest rates than unsecured loans |
gptkbp:canBe |
Debt consolidation
Education expenses Home improvements Major purchases |
gptkbp:compatibleWith |
Investment properties
Vacation homes |
gptkbp:eligibility |
Homeowners with sufficient equity
|
https://www.w3.org/2000/01/rdf-schema#label |
FHA Cash-Out Refinance
|
gptkbp:introducedIn |
1970s
|
gptkbp:maximumCashOut |
Up to 80% of appraised value minus outstanding mortgage
|
gptkbp:maximumLoanToValueRatio |
80%
|
gptkbp:minimumCreditScore |
500
|
gptkbp:offeredBy |
gptkb:Federal_Housing_Administration
|
gptkbp:purpose |
Allow homeowners to replace existing mortgage with a new, larger FHA loan and receive cash difference
|
gptkbp:regulates |
gptkb:U.S._Department_of_Housing_and_Urban_Development
|
gptkbp:requires |
Property appraisal
Proof of income Acceptable debt-to-income ratio At least 12 months of on-time mortgage payments Mortgage insurance premium Occupancy as primary residence |
gptkbp:website |
https://www.hud.gov/program_offices/housing/sfh/ins/203cashout
|
gptkbp:bfsParent |
gptkb:FHA_loan
|
gptkbp:bfsLayer |
6
|